You may have been tempted to help a friend or family member by co-signing a loan for them, but is it really a good idea?
The Governor's Office of Consumer Protection pens a consumer column called Ask Consumer Ed, and their lawyers research and answer your questions. In this case, they received a letter from a parent who wrote,"My daughter wants me to co-sign a loan for a car. If she is late on a payment, will this affect my credit, as well as hers?"
Department Head John Sours says absolutely. If there's a late or missed payment, it will go on your credit report, too. As a co-signer, you're as legally liable as the person you're cosigning for.
That doesn't mean you don't do it, but it does mean you have to ask a lot of questions up front. The main reason for co-signing is to help a young person establish a credit rating or to get ahead a little bit, but everyone involved needs to be aware of the risks.
Tuesday, June 18 2013 11:38 PM EDT2013-06-19 03:38:42 GMT
The City Council of Chamblee has delayed a controversial land rezoning variance. The Council also issued a preliminary resolution saying that they wanted to fire their own manager.
The City Council of Chamblee has delayed a controversial land rezoning variance. The Council also issued a preliminary resolution saying that they wanted to fire their own manager.
Monday, June 17 2013 8:03 AM EDT2013-06-17 12:03:25 GMT
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
Monday, June 17 2013 7:13 AM EDT2013-06-17 11:13:04 GMT
Pomegranate juice has been sold as a real 'cure-all' over the last couple of years. But in a decision made this month, the FTC has ordered at least one manufacturer to back off on its strong health claims.
Pomegranate juice has been sold as a real 'cure-all' over the last couple of years. But in a decision made this month, the Federal Trade Commission has ordered at least one manufacturer to back off some pretty strong health claims.
Friday, June 14 2013 8:56 AM EDT2013-06-14 12:56:09 GMT
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
