Dollars & Sense

Think long and hard before co-signing on a loan for a friend or relative. Why? because its a three-way transaction between the borrower, you and the creditor ... that can come to bad end. Don't co-sign unless you're willing to pay back the loan yourself. Because as co-signer, you're equally responsible. In the event the other party defaults, the creditor will look to you to make good on the debt. Often you won't find out the borrower is late on the payments until your own credit is blemished, and thus damage a relationship with someone you sought to help. if you want to assist another financially do so only with unneeded cash and consider it gift, that way there will never be any cause for hard feelings.

                                                                      Roger L. Caron