Asked to co-sign a loan for someone? Bad idea!

Many people are asked to co-sign a loan for a friend or family member. Most of the time feelings get in the way of good sense – it feels like you are trapped. But saying no involves short-term feelings. Saying yes and then discovering many of the problems in the article below (and link below) are long-term feelings that don’t go away. Keep your friendship and family intact by saying no! Offer to help some other way.

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About Larry Frank, Sr.

Larry R Frank Sr., MBA, CFP®, is an experienced financial advisor and a published author on Retirement Planning Research. Have a financial question? Click Here to Ask Larry

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One Response to Asked to co-sign a loan for someone? Bad idea!

  1. Larry Frank, Sr. July 21, 2015 at 7:19 am #

    Even for student loans, co-signing isn’t a good idea unless you understand YOU are committed for the life of the loan as well !

    http://adviceiq.com/content/parents%E2%80%99-student-loan-trap

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