Don't Co-Sign on Any Loans for Anyone
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Have you ever co-signed on a loan for someone before? If so, how did it work out? I have had many friends that co-signed loans from student loans to personal loans for their kids, relatives or friends and some of those loans they ended up having to pay them off. I co-signed on a couple of loans and they both worked out but at times I lost sleep worrying about getting stuck paying for them. I tell myself I won\\u2019t put our family in that position again.
\\nWe have told the boys many times that we won\\u2019t co-sign on any student loans or personal loans for them. We love them all but we don\\u2019t want to be on the hook for the loans. Also, we want them to learn to only count on themselves and to save up the money before buying something so they don\\u2019t need to get any loans.
\\nYou may think I am crazy but it is possible. We all have many choices in life and we can put off things till we can afford them. I know our society pushes us to borrow money and enjoy things today. That is why so many people are in debt in the United States.
\\nWe walked in Kohls department store on Thanksgiving night when Logan wanted to buy a Nintendo Switch and right in the front door, we were stopped by a Kohls employee who had a clip board. She asked if we had a Kohls Credit Card. Of course, she had a sales pitch on the values of having a Kohls Credit Card but not the negative things like high interest rates and being in debt. In the last month I have been asked at many places like Home Depot, Target, Wal-Mart and more. Think of all the places you shop that ask you to open up a credit card.
\\nWe told the boys if they ever want to co-sign on a loan, they need to be prepared to take over the loan if the person decides not to pay on the loan anymore.
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\\nSources and Resources from Podcast (Available in Show Notes)
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- Bankrate.com website at https://www.bankrate.com/loans/personal-loans/reasons-not-to-co-sign-loan/ \\n
- Creditcards.com stats - https://www.creditcards.com/credit-card-news/co-signing-survey.php \\n