Never co-sign for a loan, contract or other financial commitment unless you’re prepared to pay the whole amount yourself.

Generally, if someone asks you to cosign for them it’s either because 1.) they can’t get approved on their own, or 2.) they’ve been approved (but at a high interest rate) and a co-signer would get them a lower rate.

Cosigning isn’t just “putting in a good word” for someone. It’s asking you to cover their debt in case they don’t. Lenders generally know how to assess risk, so when you co-sign, you’re taking a financial risk that underwriting experts refused to. If the friend / family member / coworker you cosigned for falls behind (or just chooses not to pay his bills and party instead), you’ll get the harassing calls demanding payment. It’s a lose-lose situation: lose your friend/family member; lose your money.