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About 38% of co-signers had to pay some or all of the bill because the primary borrower did not, according to a new CreditCards.com report. 28% experienced a drop in their credit score because the other person paid late or not at all. And 26% of co-signers said the experience damaged their relationship with the person they co-signed for.
- Auto loans accounted for 51% of all co-signings. Personal loans (24%), student loans (19%) and credit cards (16%) followed.
- About half of those who co-signed did so on behalf of a child or stepchild. Co-signing for a friend was a distant second.
“With a 38% chance of losing money and a 26% chance of damaging a relationship, co-signing doesn’t sound like a very good bet,” according to Matt Schulz, CreditCards.com’s senior industry analyst. “If you absolutely have to co-sign, then at least be aware there’s a sizable chance you’ll lose some money and/or get your feelings hurt.”
About one in six U.S. adults have co-signed a loan or credit card for someone else.
The survey was conducted by Princeton Survey Research Associates International on behalf of CreditCards.com. _PRNewswire