Don't Co-sign or Guaranty for the debt of others

Have you been asked to co-sign or guaranty a loan for someone?


It doesn't matter if it's your child or favorite niece, don't do it. I have handled numerous debt related matters where the friend or loved one failed to pay the debt, such as a car loan or mortgage. You know who the bank comes after to collect? You, the guarantor or co-signer.

I don't care what kind of sob story they give you. You'll regret the day you did.

AND THE COROLLARY -- a friend has come and asked to borrow money from you with all sorts of promises to repay.

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