5 warnings for a credit card co-signer
It sounds harmless. Just sign your name, and a friend or relative will get a much-needed credit card. Like most things in life, however, being a co-signer is not that simple.
Judging by the complaints and lawsuits made by co-signers, it also seems to be one of the least understood arrangements, consumer advocates said. When friends and relatives co-sign, they often don't realize the new card debt is also theirs -- 100 percent.
Is someone asking you to co-sign for a credit card? Here are five facts you need to know before you decide.