Why You Should Never Co-Sign, Part 2
Reason #2 for never co-signing anything: doing so puts your own credit rating at risk.
Published Jun 19, 2018
Why You Should Never Co-Sign, Part 2
You're Putting Your Credit Rating at Risk
Default on co-signed loans is very common. More common than you’d like to think. In case of late payments or default, it’s your credit score that’s being compromised. So before you co-sign for anyone, please make sure you are prepared and OK with your credit score taking a beating. If that were to happen, next time you’re in need of a loan, you’ll have to accept higher interest rates and less amiable terms, which at the end will cost you even more! You may even be disqualified for a future loan.
Today's tip brought to you by Mvelopes and Money4Life Coaching.
Originally published June 26, 2018.
