12. Being a Co-Signer
In many cases, people go broke co-signing for a family member or a friend.
Michael Eckstein of Eckstein Tax Services in Huntington, N.Y., recalled one woman in her 20s who co-signed for her aunt’s loan. The aunt stopped paying, and her niece was left to pay the loan, plus interest. The niece had to pay to avoid ruining her credit at a young age.
Co-signing a loan might seem like a simple favor, but it can land you in some serious trouble, Eckstein said. For that reason, it’s best that you don’t co-sign for a loan.
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