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Would You Cosign a Loan for Your Parents?
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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Start by teaching him that it is safe to do so.