29. Never Cosign a Loan
At some point in our lives, almost everyone is going to ask their friends and family if they will be a co-signer. If it’s your own children, the odds are that you are going to say “yes”. However, before you cosign anything, take a step back and examine what that really means. As a co-signer you become equally as responsible to pay back the loan as the person who’s getting the money. So if your friend or family member stops making their payments, debt collectors can come after you. This will also drag down your credit score, as well. If it’s your kids, maybe you’re prepared for that possibility. But a friend or sibling? Not so much.