Are you thinking about becoming a cosigner for someone? Have you ever been asked to cosign on a loan before?
Many people have been asked to cosign loans for family members and even friends. However, many people do not understand the full cosigner meaning, and becoming a cosigner is never something you should do unless you completely understand what it means.
If someone asks you to cosign a loan for them, you might be hesitant to say yes at first. You also might not want to offend the person or make them mad.
Whatever you may be thinking, I want you to fully understand what you are getting yourself into.
Becoming a cosigner can actually turn into a big financial mistake if you do it without really thinking it through.
Okay, now some of you may think that I’m a mean person for saying that, but I’ve heard many stories from people who’ve had their credit wrecked, have been stuck paying a loan for someone else, and even had their relationships ruined.
All of that from cosigning a loan. [Read more…]