I get why you did it. You were helping out a friend or family member who didn’t have a high enough credit score to get the loan. They assured you that they would make the payments and that you didn’t have to worry about anything. And when you signed the papers, the finance manager said that cosigning was just a formality and that you would never be responsible for the payments. Months went by and you thought to yourself, “I did a nice thing cosigning for that loan”. Then the s**t hit the fan. Your friend/ family member stopped making payments and now the finance company is calling you for the payment. You’re thinking to yourself that this is a mistake. I don’t have the money to make this payment. How could your friend/ family member stop making the payments. You call them, they tell you that they are in a rough patch don’t worry about it. You ignore the collection agency and one day you get a letter in the mail that you are being sued for the outstanding balance. What just happened? All you were doing was helping someone out. What’s the lesson from this scenario? Cosign is a four letter word. Don’t cosign a loan. Don’t ask anyone to cosign a loan for you. If you can’t pay cash, then you likely can’t afford it. Learn to live within your means. Live on less than you make and invest the rest. Need help? Reach out. I will help you make the right financial choices.