How can I get off the hook as a co-signer?8 of 10If 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?More On Co-signing A Credit Card:Sharing credit card accountsCreate a news alert for "credit cards" Related Articles:Card fees level off in 2011Card payoff calculatorCredit card adviceRelated Links:Credit card topic pageSharing card accountsCompare credit cards advertisement
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?
More On Co-signing A Credit Card:
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
A little research could save you BIG on interest.