9 questions before choosing a credit card
How can I get off the hook as a co-signer?
If you are guaranteeing a card account by co-signing for a college student, ask if you will be on the hook for the debt after the other party turns 21, says Chi Chi Wu, staff attorney for the National Consumer Law Center.
Many times, "there is nothing to prevent the issuers from saying you're going to be guaranteeing this card 15 years from now -- long after junior is out of college," she says.
In addition, find out exactly what has to be done to get you off the account. Are you free to complete those steps yourself? Or will you need the cooperation of someone who might not want you -- and those charging privileges -- to go away?
Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.