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Deal with Your Debt: The Right Way to Manage Your Bill$ and Pay Off What You Owe by Liz Pulliam Weston

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Why You Don't Want to Cosign a Loan

So far this chapter has focused on loans you don't want to get. But there are loans you should avoid giving as well.

You may not think you're lending anything when you cosign a loan for someone else. But while you're not putting up any cash, you are lending your good name—and that may come back to haunt you. Read what happened to Doug in Ohio:

“I was the cosigner on a vehicle for my sister-in-law. I got the whole 'You're the only one who can help me,' 'If I don't have a car, I can't get to work, then I can't pay my bills...' and so on. Being soft-hearted, I gave in and cosigned for her. To make a long story short, she defaulted on the payments, had the vehicle voluntarily repossessed, and is currently filing ...

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