{"id":812,"date":"2011-09-22T10:41:18","date_gmt":"2011-09-22T14:41:18","guid":{"rendered":"http:\/\/www.myfinancialfocus.net\/mainsite\/?p=812"},"modified":"2025-08-24T06:39:01","modified_gmt":"2025-08-24T10:39:01","slug":"so-you-know-better-than-the-bank","status":"publish","type":"post","link":"https:\/\/www.myfinancialfocus.net\/mainsite\/index.php\/so-you-know-better-than-the-bank\/","title":{"rendered":"So You Know Better Than The Bank?"},"content":{"rendered":"

Once again is week, someone has reminded me of why it is dangerous to co-sign for a loan. It is frequently a parent\/ child relationship, but it can often reach beyond that. For reasons that are beyond me, someone will be compelled to believe that they know better than the bank and that bank’s specific risk processes.<\/p>\n

Have you ever been presented with that situation?<\/p>\n

What I have learned over several years is that there is a reason why some are turned down for loans. It really does not matter whether that person is your child, your parent, your spouse, significant other, relative, or whatever – they are a credit risk. If they are a credit risk to an institution who makes money off of people who can not afford to buy want they want, why would you think that they are not a risk to you?<\/p>\n

You need to ask yourself two questions before you co-sign for someone. First, am I in a position to pay for this loan until it is paid off and to, most likely, not have use of the item(s) ever? Second, what happens to my relationship with this person(s) if they do not pay for whatever the reason and leave me holding the bag? The probability of either or both happening is huge and you need to be aware of that.<\/p>\n

Additionally, what is lost in this picture is that the person wanting to borrow never learns a lesson as to why they are being turned down and never makes the necessary changes to their financial life to better manage their finances.<\/p>\n

Until you can live with the consequences, just say ‘no’. You will thank yourself later.<\/p>\n

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Once again is week, someone has reminded me of why it is dangerous to co-sign for a loan. It is frequently a parent\/ child relationship, but it can often reach beyond that. 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