Cosigning a loan for a friend or family member can spell financial disaster and ruin an otherwise healthy relationship. While it is not unusual for parents to cosign for a child’s student loans, car loans or even a mortgage, doing so can damage parents’ credit scores and leave them liable for paying off the entire amount of the debt plus interest. Before agreeing to cosign a loan or serve as a grantor for someone else’s debt, consider the following facts:
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About the Author: Kathleen Marteney, CRPC, is a financial planner with Provenance Wealth Advisors, an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors and Accountants, and a registered representative with Raymond James Financial Services. She can be reached at 800-737-8804 or via email at email@example.com.
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Kathleen Montgomery is a registered representative of and offers securities through Raymond James Financial Services, Inc., Member FINRA/SIPC.
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