No Co-Signing!
Dear Lord, I pray for wisdom for those who are asked to co-sign for loans. In Jesus’ name, amen.
Scripture recommends against promising to pay back someone else’s financial obligations.
Imagine a person co-signs for the purchase of a car. If the person who asked for the co-signer fails to make the payments, the bank or dealership that made the loan will expect the co-singer to pay back the debt.
Solomon in Proverbs 22:26-27 (ESV) gives fair warning to everyone who would consider making a pledge to repay another’s debt.
“Be not one of those who give pledges,
who put up security for debts.
If you have nothing with which to pay,
why should your bed be taken from under you?”
Don’t take the chance.
Avoid putting up security, including anything you own, as a guarantee for someone else to repay a debt. The risk is, if the person doesn’t pay their debt, what you pledged can be taken.
Be wise. If asked to pledge anything of value, so another person can borrow money or purchase something, tell the person, “No.”
Tell me what you think in the comments below.
