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Would You Cosign a Loan for Your Parents?
Mama needs a new car. Credit: John Knill, Getty Images
It is very common for parents to help out their kids by cosigning a loan. But what about children cosigning a loan for their parents?
The number of kids who cosign loans for mom and dad has increased in the past two years. According to ABC News, the largest increase is in car loans, where the number of "adult children" helping out mom and dad has jumped by over 30 percent. Overall, the practice of young cosigners is up by 2 percent in the past two years.
Would you cosign a loan for your parents, or let your kids cosign your loan?
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ReaderComments (Page 1 of 1)
11-17-2010 @ 12:02PM
Alicia said...I would cosign a loan for my parents in a heartbeat. It's the least I owe them.
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11-18-2010 @ 8:01AM
Sandyone said...Normally, I wouldn't cosign a loan for anyone. For my parents, I would have to consider why they needed me to cosign. If it was because they'd been irresponsible, I wouldn't do it. If it was bad luck or they got cheated or something, I'd consider doing it.
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