By Jim Donovan
PHILADELPHIA (CBS) — Thinking of co-signing for a loan or credit card? If you ask me you, really need to think twice!
A recent survey from CreditCards.com finds that 38% of co-signers had to pay some or all of the bill because the primary borrower didn’t.
In addition, 28% of those surveyed experienced a drop in their credit score because the other person paid late or not at all. Plus 26% of co-signers said the experience damaged their relationship with the person they co-signed for.
Today on CBS3 Eyewitness News This Morning, Brooke Thomas and I spoke with CBS News Business Analyst Jill Schlesinger about the pitfalls of co-signing.
In the meantime, for more information about the CreditCards.com survey, visit:
creditcards.com/credit-card-news/co-signing-survey.php
