Wednesday, January 9, 2013 The Risks & Dangers Of Cosigning Specific Loans

As I mentioned yesterday, I am now a contributing writer for Here is a snippet from one of many articles by me on this new, exciting site:

When it comes to co-signing loans for friends or family, the risks are enormous. While it might make sense to help out someone you care about who doesn’t have the credit necessary to obtain a loan, the consequences, if they don’t live up to her obligations of repaying the loan, can potentially lead you to financial suicide. The most dangerous thing about co-signing on someone else’s loans is your own credit score. But that is only part of the risk.
Here is are three types of loans that, if you are asked to be a co-signer, you should consider very carefully and then take the necessary precautions before agreeing to help out.
Read the rest of the article here.


Anonymous said...

Don't take this the wrong way, Cryn. You need to stop linking your name to shit like these junk articles that you are hacking away at. Have some dignity as a writer.

If you need money, get a 9-5 job doing whatever and then write in your spare time. But jamming up the internet with fluff pieces for a site that is one step above a scam is degrading. And I know the money can't be good, because I used to do it too.

You're better than that.

Cryn Johannsen said...

@Anon 4:45 PM - Thank you for your analysis and critique. So you know, I don't take it the wrong way at all. It is not demeaning work. You are very wrong about that. These articles are intended to help people navigate complex things, especially when it comes to understanding health insurance, student loan debt, being addicted to credit cards, and much more. I consider it another public service. After all, I am a public servant, and this is just another example of it.

I do have a 9-5, too, so you are aware. That is another public service. I teach ESL 5 days a week, and it is an absolute pleasure. I work 7 days a week, and I say that out of sheer joy. I put all of my energy into AEM, my teaching job, and my writing. (I am, incidentally, working on a book about the student lending crisis). I am lucky to have so much work. It is blessing.

So, this is not demeaning, and I don't think that what I am writing is, as you suggest, "fluff." On the contrary!

Founder & Exec Dir
All Education Matters

Anonymous said...

@Anonymous -- Financesherpas isn't a "scam", it might be a bit content-farmish, but there are a giant companies running more offensive content-farms like ehow and wisegeek.

At least Cryn can write.