- This topic has 11 replies, 1 voice, and was last updated January 3, 2006 at 8:05 pm by .
- January 3, 2006 at 8:05 pm #235120Liss
Michelle, I know you really want to help your sister, and it is so hard
to know our family is suffering and want to help. but, i really would
advise against co-signing on any loan for anyone! it can cause so many
problems. no one knows what the future will bring and you could easily
get stuck paying off the debt yourself.
co-signing on a loan also can
hurt your credit rating and keep you from getting a loan that you may
need in the future. like a home or car.
no matter what anyone tries to tell you, that debt is considered yours
just as much as theirs if you co-sign. you will be listed as having a
$15,000 debt in your name. If your sister can’t straighten out her
finances and has to file bankruptcy at a later date it will wreck your
credit as well as hers!
I know for a fact that this is true because I
have family that has gone through this exact thing. My family member was
told by a lawyer that her credit rating will show that she filed
bankruptcy even though it was the person she co-signed for that did!
Please protect yourself, don’t co-sign. Tell your sister that you love
her but you just can’t co-sign, but you will help her try to make a
budget and find a credit counselor.
don’t do it!!
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