Question by Bodona: My parents are financially irresponsible and want me to cosign a personal loan. What should I do?
My parents (in-law’s, actually) are in their late 50’s, and should be preparing for retirement. In stead, they are spending erratically, racking up massive credit card debt, remodeling their home, etc. Yesterday they asked me to cosign a personal loan, which they plan to use to pay back a payday advance from a predatory lender. How to I help my parents without jeopardizing my financial security, too? Any money I give (I don’t lend money to family) is that much less I have for my kid’s college accounts.

Best answer:

Answer by bud68
Do NOT do it!!!!! In their 50s and needing a cosigner? That is sad.

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