Loading…
22
Vent: had to choose between a cosigner and a 14% rate, still second guessing myself
Last month I needed 12k for a kitchen repair loan and the bank gave me two ugly choices: my uncle cosigns or I eat a 14% APR. I went with the cosigner because 14% on 12k felt like throwing money in a hole, but now every family dinner has this weird vibe. My uncle asked me twice last Sunday if I sent the payment yet. Has anyone else gone the cosigner route and regretted it, or should I have just paid the greedy rate and kept things simple?
1 comments
Log in to join the discussion
Log In1 Comment
pat_coleman2d ago
The uncle asking twice if you sent the payment yet is the part that would get to me. It starts small, just a check-in, but then it turns into him watching your spending. You show up to Thanksgiving with a new phone and suddenly he is doing math in his head about whether that money could have gone to the loan. And God help you if you ever miss a month, because then it is not just your credit on the line, it is every holiday for the next five years. The 14% would have stung, sure, but it would have been a clean wound that healed and went away. Family debt never really goes away.
8