Don’t cosign
October 30, 2020
I’m Miriam Neff with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, Lets talk about money.
M We have a few NEVER’S. NEVER cosign a pledge. Sound harsh? But our credit rating is higher than theirs. And the reasoning goes on. You’re helping me!
V Proverbs 17:18 “One who has no sense shakes hands in pledge
and puts up security for a neighbor.”
Why are they asking you? Because no one will give them that car loan, mortgage, or business loan at the lower rate they’d like. Someone did their homework, checked credit ratings, and said, ‘No!’
They are a risk. First, just don’t do it. If you do, violating what the wise words of Proverbs says, realize you must pay it all, even if the car is crashed, the home burns, that person does not do their part.