It’s difficult to say what the most regrettable financial decision might be. Investing with Bernie Madoff comes to mind. But there’s another candidate that deserves at least an honorable mention — co-signing a loan for someone else. Getting stuck paying off a loan is bad enough but more often than not it’s for a close relative or friend. Rob West never co-signs but he has these topics to discuss if you're thinking of cosigning:
- We get this question a lot … “I’ve cosigned on a car loan for my nephew and he’s not making the payments. What can I do?”
- Does the Bible have anything to say about cosigning?
- What are some ways to fix the problem if we’ve already done it?
- What if refinancing doesn’t work?
- What if the other person can’t or won’t pay anything?
- What about cosigning for a spouse?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you're 73 and retired and have a mixture of Roth and traditional IRAs, money market and 403(b) accounts with different organizations, is there a good place to consolidate these accounts?
- how do you go about teaching your children the value of money without leading them to be dominated by it?
- You've heard the admonition regarding cosigning but should you consider cosigning on our daughter's student loan?
- If you're behind on taxes on a rental property, should you sell it to catch up on the taxes?
- If you need car repairs done, is a title loan a good idea at any time?
- If you see a true opportunity to help someone by cosigning a loan and view it as your responsibility because you have been blessed, should you ignore warnings about cosigning in view of this?
- If you put around $100,000 in a low index fund about 4 months ago and it's lost about $10,000, did you do the wrong thing?
- If you're resigned to the fact that you might have to step in to finish a loan to someone, is offering a loan OK in that respect?
- How do you start a budget?
- If you're 33 and have a Vanguard 2045 fund, would it be OK if you want to transfer it to all stocks index fund?
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