There are two things I tell my “Single-Mom” clients not to do. One, never lend money and two, never co-sign on a loan. I hear all the crazy stories after my “single-mom” clients get calls from the creditors demanding payments for a car that they do not drive. Be it a car loan, personal loan, or any other loan my answer will always be, “NO.”Think of it like this, why do you think another grown person need for you to co-sign for them. It is because they are not responsible with their money! Being responsible with your money shows up in all types of situations and when a person can’t get a loan on their own the lender is basically saying, “Nope, get a responsible person to sign the dotted line.” The stories are endless and if you don’t believe me, just watch any of the judge shows for a week. You will see all types of women trying to prove their case. It doesn’t matter if you let them borrow the money, put their cell phone in your name, co-signed for them a car, or any other “sucker” money mistake the risks are much to great. So to all the “responsible” single-moms out their looking for love while using their good credit, be careful. You may think you’re in love, but once the tables turn and Mr. Lovely can’t be found but leaves behind a pile of debt, you will be like many others out there singing the “co-signer blues.”
Let me know if you would like for this topic to be on one of my upcoming shows. We air live every Sunday at 9:00pm EST. Don’t worry….. if you miss a show, you can listen to the archive version on the website’s front page. P.S. Join us on facebook!