496 – Why You Should Never Co-Sign a Loan
Episode description
In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan.
Related Links:
How Is Cosigned Debt Treated in a Consumer Proposal? https://www.hoyes.com/blog/how-is-cosigned-debt-treated-in-a-consumer-proposal/ A Complete Guide To Joint Debts https://www.hoyes.com/blog/a-complete-guide-to-joint-debts/Should Married Couples Get a Joint Consolidation Loan?
https://www.hoyes.com/blog/should-married-couples-get-a-joint-consolidation-loan/
Co-Signer vs Co-Borrower | What's the difference?
https://www.youtube.com/watch?v=ee4R7mKxp1w
Joint Debt and Co-Signing. Am I Responsible For My Spouse’s Debt?
https://www.youtube.com/watch?v=M9gBlzJXnG0
Don’t Lend to Family or Co-Sign – It Can Hurt Your Finances
https://www.youtube.com/watch?v=KGpQ4CX_IB4
What Is Joint Debt?