Heads up on co-signing loans
In my opinion, if you co-sign a loan with a family member or a friend, you’re looking for trouble. Granted, if you want to help your child buy his first car, you may need to co-sign because the child does not have credit history yet. The danger is that if your son makes a late payment, the bank will come to you to pay it off. Be extremely judicious who you co-sign for. Because of the risk that another person could damage my credit, I will never co-sign for a friend or family. It’s not homework, it’s an assignment Outline the following; read these documents and understand every clause.
There’s good and bad risk. Make sure you have the skill set to take a calculated risk? 1. home mortgage(s) 2. credit card agreements and statements 3. car loans or leases 4.
insurance contracts Get answers to these questions: Do I understand the rules of this contract? Do I understand the amount of risk I’m taking by agreeing to this contract? Do I understand tax laws surrounding the contract? Does the contract fit my priorities? Forget whether you think you deserve it (because you probably do)—can you afford it? Can I afford to lose all or part of my money by engaging in this contract?.
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