Beware of co-signing unsecured Debts: Proverbs 11:15
“15) He who is guarantor for a stranger will surely suffer for it, But he who hates being a guarantor is secure.” Proverbs 11:15
This verse contains a crucial nugget of financial wisdom. Beware of co-signing for the unsecured debts of others. This is especially true if you do not know the other person very well.
If a persons past financial dealings are so bad they cannot get a loan on their own credit score, using your name for leverage will only help them to dig a deeper hole. You will most likely be left holding the debt all by yourself.
This can destroy a friendship and jeopardize your own estate. Never commit to anything you cannot afford to lose.
Daily Bible Commentary By Terry Baxter: Cofounder of GoServ Global
Sent from my iPhone
“15) He who is guarantor for a stranger will surely suffer for it, But he who hates being a guarantor is secure.” Proverbs 11:15
This verse contains a crucial nugget of financial wisdom. Beware of co-signing for the unsecured debts of others. This is especially true if you do not know the other person very well.
If a persons past financial dealings are so bad they cannot get a loan on their own credit score, using your name for leverage will only help them to dig a deeper hole. You will most likely be left holding the debt all by yourself.
This can destroy a friendship and jeopardize your own estate. Never commit to anything you cannot afford to lose.
Daily Bible Commentary By Terry Baxter: Cofounder of GoServ Global
Sent from my iPhone
