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What You Need to Know Before Cosigning a LoanMany people have been approached by a family member, friend or even acquaintance about cosigning a loan, and aren't sure how to proceed. Cosigning a loan is a major responsibility and should not be considered without a full knowledge of the process and potential outcomes. Before anyone signs on the dotted line, it's important to understand the full implication of what it means to be a cosigner. "Sometimes the word 'cosigner' can spark fear among the person taking on the responsibility," said Amy Robbins, associate director of operations with Take Charge America, a nonprofit credit counseling and debt management agency. "Yet, the process doesn't have to be daunting as long as both parties - cosigner and consignee - are educated and understand the responsibilities involved in the process." Robbins outlines important aspects of cosigning a loan and how to best protect yourself:
About Take Charge America, Inc. Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, housing counseling and bankruptcy counseling. It has helped more than 2 million consumers nationwide manage their personal finances and debts. To learn more, visit takechargeamerica.org or call (888) 822-9193.
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