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Casual Articles - Should You Co-Sign on a Loan?
In 1996 I owned a retail store that sold sports memorabilia and trading cards. In case you don’t remember, trading cards (sports related) were very popular at the time. In fact, people were taking money out of their stock trading accounts and purchasing trading cards for investment.Just about anyone could make money from trading cards. T
The young man then took the dazzling, sparkling ring to his potential bride-to-be.
“Will you marry me?” he proposed.
“No!” she replied.
No? That response was not part of his plan.
The young (and stupid) man was so upset that he flung the ring. It was never to be found.
Further, because the young man had neither the girl nor the ring, he didn’t understand why he should have to pay for either.<
There are so many people searching for the proper guidelines and listening to almost all experts on the Internet, spending for every latest product and at the end becoming more confused. The obvious question is - what would be the proper Internet business plan for a success Internet business?All of us know that if you fail to plan, you cert
When you co-sign on a loan, that obligation can also appear on your credit report and be figured in to your debt-to- income ratio.
Before you sign on that dotted line with someone else, consider these two stories told to me by my customers:
CASE ONE A long-haul truck driver had perfect credit for over twenty years. His son, in his early twenties, wanted to buy a pickup truck and a motorcycle. “Sure, I’ll sign with you,” Dad said. The truck driver would call his son from the road. “Are you making those payments?” “Sure,” the son said. He lied.
Before long the father received a call from the attorney at the dealership. Apparently the son had not made a payment on either vehicle for over six months.
Settling the son’s case of delinquent payments drove the father into bankruptcy.
Several months after the bankruptcy, the father went to purchase a pickup truck of his own. The salesperson told him, “We can finance you, but because of your credit history, the rate will be high.”
My customer told me, “Right then and there I felt like kissing his feet. Everywhere else I had gone they took one look at my record, then treated me like dirt.”
“I later told my son, ‘Son, I’ll always love you, but don’t ever do that to me again!’ ”
CASE TWO
After years of searching, a young man finally found that special girl he wanted to make his wife. So he and his buddy went shopping for the perfect (meaning expensive) diamond engagement ring.
Because he didn’t yet have credit established, he asked his buddy to sign with him when they found it at a jewelry store.
The young man then took the dazzling, sparkling ring to his potential bride-to-be.
“Will you marry me?” he proposed.
“No!” she replied.
No? That response was not part of his plan.
The young (and stupid) man was so upset that he flung the ring. It was never to be found.
Further, because the young man had neither the girl nor
the ring, he didn’t understand why he should have to pay
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Before long the father received a call from the attorney at the dealership. Apparently the son had not made a payment on either vehicle for over six months.
Settling the son’s case of delinquent payments drove the father into bankruptcy.
Several months after the bankruptcy, the father went to purchase a pickup truck of his own. The salesperson told him, “We can finance you, but because of your credit history, the rate will be high.”
My customer told me, “Right then and there I felt like kissing his feet. Everywhere else I had gone they took one look at my record, then treated me like dirt.”
“I later told my son, ‘Son, I’ll always love you, but don’t ever do that to me again!’ ”
CASE TWO
After years of searching, a young man finally found that special girl he wanted to make his wife. So he and his buddy went shopping for the perfect (meaning expensive) diamond engagement ring.
Because he didn’t yet have credit established, he asked his buddy to sign with him when they found it at a jewelry store.
The young man then took the dazzling, sparkling ring to his potential bride-to-be.
“Will you marry me?” he proposed.
“No!” she replied.
No? That response was not part of his plan.
The young (and stupid) man was so upset that he flung the ring. It was never to be found.
Further, because the young man had neither the girl nor the ring, he didn’t understand why he should have to pay for either.<
Are you losing sleep over mounting debt? When you wake up each day do you wonder either how much further in debt you are or will you ever be able to rid yourself of debt? Are you finding these questions popping up in your mind more frequently than you care to admit to anyone? If you answered yes to any of these questions, do not feel as if you are
Settling the son’s case of delinquent payments drove the father into bankruptcy.
Several months after the bankruptcy, the father went to purchase a pickup truck of his own. The salesperson told him, “We can finance you, but because of your credit history, the rate will be high.”
My customer told me, “Right then and there I felt like kissing his feet. Everywhere else I had gone they took one look at my record, then treated me like dirt.”
“I later told my son, ‘Son, I’ll always love you, but don’t ever do that to me again!’ ”
CASE TWO
After years of searching, a young man finally found that special girl he wanted to make his wife. So he and his buddy went shopping for the perfect (meaning expensive) diamond engagement ring.
Because he didn’t yet have credit established, he asked his buddy to sign with him when they found it at a jewelry store.
The young man then took the dazzling, sparkling ring to his potential bride-to-be.
“Will you marry me?” he proposed.
“No!” she replied.
No? That response was not part of his plan.
The young (and stupid) man was so upset that he flung the ring. It was never to be found.
Further, because the young man had neither the girl nor the ring, he didn’t understand why he should have to pay for either.<
It’s the holiday season, and, with all the decking of halls, jingling of bells and lighting of candles, it’s getting harder and harder to keep your mind on work.What to do when business still must move forward, but your heart is really on wrapping presents, holiday parties, and relaxing by a chestnut-roasting fire?This is a time of y
“I later told my son, ‘Son, I’ll always love you, but don’t ever do that to me again!’ ”
CASE TWO
After years of searching, a young man finally found that special girl he wanted to make his wife. So he and his buddy went shopping for the perfect (meaning expensive) diamond engagement ring.
Because he didn’t yet have credit established, he asked his buddy to sign with him when they found it at a jewelry store.
The young man then took the dazzling, sparkling ring to his potential bride-to-be.
“Will you marry me?” he proposed.
“No!” she replied.
No? That response was not part of his plan.
The young (and stupid) man was so upset that he flung the ring. It was never to be found.
Further, because the young man had neither the girl nor the ring, he didn’t understand why he should have to pay for either.<
Formed after the American Telephone and Telegraph Company (AT&T) was forced to break up its regional companies, Bellsouth is based in Atlanta. Strangely enough, it is also the only one of those companies left that uses an actual bell symbol in its company logo. Bellsouth is a combination of Southern Bell and South Central Bell and provides service
The young man then took the dazzling, sparkling ring to his potential bride-to-be.
“Will you marry me?” he proposed.
“No!” she replied.
No? That response was not part of his plan.
The young (and stupid) man was so upset that he flung the ring. It was never to be found.
Further, because the young man had neither the girl nor the ring, he didn’t understand why he should have to pay for either.
Guess who had to make the monthly payments on the diamond ring?
If you guess the young man’s buddy, you are wrong. You see, in the buddy’s household, it is his wife who pays the bills.
“So,” the buddy’s wife told me, “I’m paying for that diamond engagement ring that I never received when he proposed.”
Moral of both stories: You must pay if your family member or friend doesn’t when you co-sign on a loan. (And sometimes pay and pay and pay.)
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