I tend to believe the best in people….to a fault. One time, I co-signed on someone’s cellular contract, because he had bad credit and couldn’t get a cell phone. He was my roommate, so I thought I could trust his intentions.
Another time, I allowed a friend to “buy” my car and let him take over my car payments. However, the loan was still in my name, because his bad credit wouldn’t allow a new loan in his name.
I learned a lesson that you need to repeat to yourself whenever someone asks to co-sign for anything: If they didn’t care about their own credit, they won’t care about yours. Period.
Even if it’s someone that you are looking at dating, realize this beforehand. If they are bad with managing their money now, they will be bad managing yours, if you get to that point.
It’s a good thing that 40% of people realize this already.
Some people are more worried about their date’s digits than others.