Co-signing is Not Biblical
Co-signing is Not Biblical
“My son, if you have become surety for your neighbor, have given a pledge for a stranger, if you have been snared with the words of your mouth, have been caught with the words of your mouth, then do this, my son, to free yourself, since you have fallen into your neighbor’s hands: Go and humble yourself; press your plea with your neighbor!” ->Proverbs 6:1-3
God’s word makes a very clear stand on the issue of co-signing. Don’t do it! Co-signing is dangerous for two reasons: financial and relational. When you co-sign, you become liable for the entire amount, in case the person you co-signed for is not able to fulfill the responsibility. If you co-sign for a friend or a family member and they, for whatever reason, stop paying on the loan, you will surely experience relational breakdown.
Today's tip brought to you by Mvelopes and Money4Life Coaching.
Originally published June 12, 2019.
