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.
Friday, May 24 2013 7:41 AM EDT2013-05-24 11:41:05 GMT
It's Memorial Day weekend, and you know what that means: hamburgers, pools, and yes-- big-time sales.
It's Memorial Day weekend, and you know what that means: hamburgers, pools, and yes-- big-time sales. This weekend marks one of the biggest for sales amongst retailers, and no matter where you shop, there's a good chance they're offering a deal.
Friday, May 24 2013 6:15 AM EDT2013-05-24 10:15:00 GMT
Some of the greatest damage from Hurricane Sandy was to cars from the flooded streets and garages, and some of those automobiles are expected to trickle into the automobile market.
Some of the greatest damage from Hurricane Sandy was to cars from the flooded streets and garages, and some of those automobiles are expected to trickle into the automobile market.
Thursday, May 23 2013 12:56 AM EDT2013-05-23 04:56:30 GMT
The FOX 5 I-Team has learned that Douglas County District Attorney David McDade is personally asking the GBI to investigate how money is spent in his office.
The FOX 5 I-Team has learned that Douglas County District Attorney David McDade is personally asking the GBI to investigate how money is spent in his office.
Wednesday, May 22 2013 10:42 PM EDT2013-05-23 02:42:27 GMT
What do major hotel chains, the IRS, and the business partner of a top rapper have in common? Court records show the National Conference of Black Mayors owes all of them money. Big money.
What do major hotel chains, the IRS, and the business partner of a top rapper have in common? Court records show the National Conference of Black Mayors owes all of them money. Big money.
Wednesday, May 22 2013 9:56 AM EDT2013-05-22 13:56:24 GMT
Americans are known for their pearly whites, but we pay for it—and it isn't cheap.
Americans are known for their pearly whites, but we pay for it—and it isn't cheap. If you have more than one child who needs braces, you have quite an expense on your hands—but FOX 5 I-Team reporter Dana Fowle found some ways to make it a little more manageable.
Monday, May 20 2013 11:12 PM EDT2013-05-21 03:12:38 GMT
The Douglas County district attorney used seized drug money to take support staff to a north Georgia training conference designed for prosecuting attorneys.
The Douglas County district attorney used seized drug money to take support staff to a north Georgia training conference designed for prosecuting attorneys. The FOX 5 I-Team followed along and found the four women didn't even register to attend the conference.
Monday, May 20 2013 6:44 AM EDT2013-05-20 10:44:05 GMT
Maria Boudet is a teen who had been living in foster care. She worked hard and earned a college scholarship. But the scholarship was revoked when Boudet's life-long wish was answered; she was adopted.
Maria Boudet is a teen who had been living in foster care. She worked hard and earned a college scholarship. But the scholarship was revoked when Boudet's life-long wish was answered; she was adopted.
Friday, May 24 2013 10:03 AM EDT2013-05-24 14:03:16 GMT
A new exhibit in Atlanta is providing an encounter that you "otter" see. The new Georgia Aquarium exhibit offers guests a view of the popular animals that has never been seen before.
A new exhibit in Atlanta is providing an encounter that you "otter" see. The new Georgia Aquarium exhibit offers guests a view of the popular animals that has never been seen before.
Friday, May 24 2013 9:43 AM EDT2013-05-24 13:43:19 GMT
There's never any shortage of food in the FOX 5 newsroom, but on Fridays, it's in the parking lot!
There's never any shortage of food in the FOX 5 newsroom, but on Fridays, it's in the parking lot! This week, Sweet Auburn BBQ joined us for Food Truck Friday, and they got the holiday weekend started right with wings.
Friday, May 24 2013 9:11 AM EDT2013-05-24 13:11:19 GMT
Lookin' to put on a fantastic party this Memorial Day weekend? Don't forget to jazz up your patio before you light that grill.
Lookin' to put on a fantastic party this Memorial Day weekend? Don't forget to jazz up your patio before you light that grill. Lucky for you, our friends from Pike Nurseries have a ton of ideas for how you can get your outdoor space ready for the holiday festivities.
Friday, May 24 2013 8:58 AM EDT2013-05-24 12:58:06 GMT
Georgia residents interested in visiting a natural wonder like the Grand Canyon don't have to travel very far.
Georgia residents interested in visiting a natural wonder like the Grand Canyon don't have to travel very far. Located just 150 miles from Atlanta, Providence Canyon may be the perfect summer day trip.
Friday, May 24 2013 8:12 AM EDT2013-05-24 12:12:38 GMT
Lots of college and high school graduates are celebrating their accomplishments as they receive hard-earned diplomas.
Lots of college and high school graduates are celebrating their accomplishments as they receive hard-earned diplomas. So, we're going retro to see what our Good Day crew looked like back in the day (and maybe embarrass them just a little)!
Friday, May 24 2013 7:42 AM EDT2013-05-24 11:42:08 GMT
The Centers for Disease Control says that every 19 minutes, one person in the U.S. dies from a prescription drug overdose.
The Centers for Disease Control says that every 19 minutes, one person in the U.S. dies from a prescription drug overdose. The state of Georgia is trying to do something about the problem, so they've just launched an awareness campaign focused on education and prevention.
Friday, May 24 2013 7:41 AM EDT2013-05-24 11:41:05 GMT
It's Memorial Day weekend, and you know what that means: hamburgers, pools, and yes-- big-time sales.
It's Memorial Day weekend, and you know what that means: hamburgers, pools, and yes-- big-time sales. This weekend marks one of the biggest for sales amongst retailers, and no matter where you shop, there's a good chance they're offering a deal.
Thursday, May 23 2013 10:09 AM EDT2013-05-23 14:09:40 GMT
You might have dreamed about getting the chance to decide which of your coworkers should stay on the job, and which ones need to go.
You might have dreamed about getting the chance to decide which of your coworkers should stay on the job, and which ones need to go. Does Someone Have to Go? is a new FOX reality show that lets employees take over for their bosses, and it premieres Thursday night!
