You may think you're doing a good deed by adding your name to a loan. Don't do it. You could be headed for big financial trouble. Not only would their default affect your credit rating, besides requiring YOU to make the payment, but other rates are affected by your credit score ... such as insurance rates.
For those of you who are toying with helping out a partner, parent, sibling or child, don't do it by co-signing a note. Adding your name to someone else's debt is a very serious financial step. Be educated on this topic before you take the risks. Read: Co-Signing on the Dotted Line
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