I have been asked from time to time if I would co-sign or take a loan for someone else? The answer is yes and no. When you co-sign, you are actually taking responsibility for that loan. The Proverbist teaches this very important principle in Proverbs 22: 26-27 (NLT) – “Don’t agree to guarantee another person’s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you”. The scriptures warn us about taking on someone else’s debt. I have heard many occasions where a person is suddenly straddled with the weight of someone else’s debt because the person they agreed to sign for suddenly isn’t able to pay the debt. This is what you must consider: Do not take one anyone else’s debt unless, a) they are very important to you, ie: your child, some other close family member or a dear friend, and, b) you are ok with assuming the debt in case they cannot pay it in the future. If you know that you cannot afford it, say no, even if the person gets angry with you. You will be saving yourself from financial bondage in the future, and you might very well save your friendship from a serious fallout. This is God’s wisdom so take it seriously!
Proverbs 11:15 (NLT) – There’s danger in putting up security for a stranger’s debt; it’s safer not to guarantee another person’s debt.
