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Say No To Cosigning

By Joanne in NM

I thought I had it made. I got through a divorce and paid off the bills from my marriage, so I only had a house payment to make. I did it in only three years!

Then, my youngest son asked me to cosign on a car loan for him. He said his father had no credit and couldn't help him. I said okay and ended up with a car in my name only, but "Mom, I promise I'll make the payments!" I now have a car payment and a son who won't talk to me, because I won't let him have the car that he didn't make the payments on. On top of thatI paid off my house. So I only have a car payment on a car that I don't need. I'm so upside down that I would have to pay $8,000 to sell it.

Now, I know how to say no!

Don't let this happen to you! Learn more about how debt can come between your relationships with loved ones.

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Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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