About Abuse

Financial Abuse

June 19, 2017

The abuser has asked me to co-sign on a loan or credit card. Is that a good idea?

Generally, it is not a good idea to co-sign any financial contracts, including credit cards, with someone you do not trust completely to be honest and responsible about paying it off.  If something happens, such as the other person disappears or refuses to make payments, you can be held responsible for paying off the debt and your credit can be ruined if you don’t make timely payments.  If you have already co-signed on a loan or credit card and the other person has failed to make payments, please read information under the section After the abuser has taken your money and/or run up debt in your name.