Money Series Part V: Establishing Credit and to Cosign or Not? | @intercession4ag, @trackstarz
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May 28, 2019People often co-sign for children or even friends when they have bad credit or no credit at all. However, co-signing is a bad idea that the Bible warns against. Let’s go back to the book of Proverbs:
There’s danger in putting up security for a stranger’s debt; it’s safer not to guarantee another person’s debt – Proverbs 11:15 (NLT)
My son, if you have put up security for your neighbor,
if you have shaken hands in pledge for a stranger,
you have been trapped by what you said,
ensnared by the words of your mouth.
So do this, my son, to free yourself,
since you have fallen into your neighbor’s hands:
Go—to the point of exhaustion—[a]
and give your neighbor no rest!
Allow no sleep to your eyes,
no slumber to your eyelids.
Free yourself, like a gazelle from the hand of the hunter,
like a bird from the snare of the fowler. – Proverbs 6:1-5 (NIV)
My son, if you have put up security for your neighbor,
if you have shaken hands in pledge for a stranger,
you have been trapped by what you said,
ensnared by the words of your mouth.
So do this, my son, to free yourself,
since you have fallen into your neighbor’s hands:
Go—to the point of exhaustion—[a]
and give your neighbor no rest!
Allow no sleep to your eyes,
no slumber to your eyelids.
Free yourself, like a gazelle from the hand of the hunter,
like a bird from the snare of the fowler. – Proverbs 6:1-5 (NIV)
The above scriptures warn of the seriousness of co-signing for someone. Putting up security or shaken hands in pledge represents a contract, covenant, or an agreement.
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