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Contributed by mm | October 2, 2006 3:54 PM PST
According to Bankrate, co-signing is usually not a good idea. Oftentimes, it is the co-signer who will finally pay the bill.
From Bankrate:
Co-signing has been known to destroy relationships and wreak financial havoc. In fact, most financial experts, such as credit counselors and financial planners, will tell you that co-signing is a bad idea.
But, if you insist, here are some tips that can help you wisely safeguard your credit if you choose to co-sign for a loan.
Proceed with caution
Co-signing means you are telling the lender that you are equally responsible for the loan, and if the borrower fails to pay, YOU are guaranteeing that payment. Think about that. You're not just helping someone get a loan, you're promising to pay the debt yourself if the borrower does not.
If the lender decides to sue and wins, it can go after your wages and your property.
That's important. Studies have shown that as many as three out of four co-signers ultimately end up making payments on the loan.
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Secured Personal Loans Still Easy After Bankruptcy (October 3, 2006)
There is no need to despair; someone who has gone through a bankruptcy process can easily get approved for a secured personal loan within certain period of time if able to meet certain requirements. Bankruptcy can be very stressful but finance can still be found ...
Is Co-Signing A Good Idea? (October 2, 2006)
According to Bankrate, co-signing is usually not a good idea. Oftentimes, it is the co-signer who will finally pay the bill.
What Is Payment Protection Insurance (PPI)? (September 21, 2006)
1. Payment Protection Insurance (PPI) is offered by a lender as cover for a borrower so they can maintain repayments on their personal or secured loan and avoid getting into debt if they have an accident, are sick or become unemployed. PPI is normally purchased ...
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