5 warnings for a credit card co-signer
You need an exit strategy
Do you want to be responsible for your friend or relative's credit card bill for life? If not, you need an exit strategy. Often, ending the co-signing arrangement requires closing the card account, said Nessa Feddis of the American Bankers Association.
The wrinkle: Depending on the contract and your state laws, you may need the cardholder's cooperation, she said. It may not be as simple as just telling the card issuer you want out. Another consideration: Unpaid debts accumulated while the co-signed account was open are still your responsibility -- even after the account is closed. Until they're paid, they're still your bills, too.