3 ms·
> co-sign This is terrible advice. If you want to give somebody a gift, give them a gift, don't enter into a contract where you share their financial obligatio
by will4274 6y ago
> co-sign
This is terrible advice. If you want to give somebody a gift, give them a gift, don't enter into a contract where you share their financial obligations and give them a financial incentive to leave you on the hook.
- yellowapple 6y agoThat ain't as terrible of advice as you're making it out to be. Yes, cosigning is risky, but it also puts the other person's name on the loan, meaning they build credit as long as they're keeping up with that loan. Merely giving them a gift doesn't do that at all; after receiving the gift, the recipient is still in the exact same credit situation as before - and thus limited in choice to the same predatory practices. That is: we for better or worse live in a society where a good credit score is effectively mandatory to achieve financial independence. Helping someone build that score is risky, but is also a far greater benefit than some one-off gift; if you can afford that risk, then it's very much worth considering.