Legal Question in Banking Law in Georgia

Re: Co-signer credit on missed payments

At the risk of preaching, this board is full of questions from people who co-signed and ended up having to pay the debt after their credit was ruined. Most likely, their friend or relative also intended on paying at first and things just happened. If you are young, starting off with responsibility and respect may dictate that you decline the offer to co-sign and wait until you can go it alone. To answer your question, yes even a week late can possibly lead to negative consequences, such as calling the entire loan due, that affect the co-signer. It can also trigger higher interest that makes it harder to make the payment.