Time and time again, staff members at Advantage Credit Counseling in Pittsburgh have seen parents and grandparents suffer financial ruin all because they co-signed a loan for a child or grandchild who either could not pay back the debt.
It was once common for friends and loved ones to help each other by co-signing a loan, whether this was a small personal loan or something larger, like a mortgage. Those days are over, though, with lenders demanding greater.
We all want to help our children get the best start in life, and for many that includes helping them avoid excessive debt. That can lead you to co-signing student loans (or other credit sources) to help your children qualify for credit. You can.
In the last column we began a discussion about personal finance issues that seniors need to think about, perhaps discuss with their extended family, and do, as that "age" approaches. What age? When you don’t have the patience you once.
Q: Some time ago you wrote about co-signing for a relative, in my case a 40-year-old grandson. i know you had good arguments against it, but I can’t remember them! I hope you can help me. A: I’m not necessarily against someone co.
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Dear Mary: A few years ago, I cosigned a home loan for my sister. She promised me at the time that she’d refinance within the year and take me off the loan. Well, that never happened, and my sister is in serious financial trouble. The.
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PHILADELPHIA — Although the biggest debt for older consumers remains home mortgages, student-loan debt is becoming more common. It’s increasing because of the high cost of college and the growing number of parents and.
Many parents understandably want to help their kids buy a home, but cosigning for a mortgage is a decision that shouldn’t be taken lightly. Q. I cosigned a loan application in 2007 for my son and daughter-in-law so that they could.
“Unless you’re ready, willing and able to make the payments for the family member, I would recommend not co-signing for the loan.” Indeed, if the principal party defaults on the loan, the co-signer is on the hook. Ronald Rogé, a financial.
Q: My 30-year-old son just finished graduate school with no loans. He has a new job that pays $60,000 a year. The problem: Because he hasn’t established credit, he can’t get a credit card or a car loan, even though he has $10,000 in.
Q. Several years ago, I co-signed a loan for a relative. Six months ago, that relative declared bankruptcy. I was told the loan was finished and I had no further involvement. I now checked and my credit is a mess due to that loan. I have.
Experts always recommend keeping your finances and family separate, but when it comes to paying for college, that advice can be impossible to follow. While you can get loans from the federal government, skyrocketing tuition costs.
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Beware: Co-signing can be hazardous to your finances, your credit score and even your relationships with your kids. A recent report from CreditCards.com shows that 1 in 6 American adults have co-signed a loan for a friend or a relative.
With the price of college climbing faster than inflation, the amount of money that parents have to borrow to pay for college is also rising. Once they’ve exhausted federal loans (capped at $5,500-$7,500 per year), some students turn to private.
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You are not as young as you used to be. I found that out this past week when I was at the State Bar of Michigan Elder Law and Disability Rights Section Annual Conference at Boyne Mountain. Back home in St. Clair County, I have no problem.
Most people understand that co-signing for a loan means they are guaranteeing they will pay the loan if the borrower fails to pay, but very few understand the full consequences to their life and finances. If the borrower faithfully makes.
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