One personal money management lesson I learned from my mistake is that I should never cosign a loan. My friend assured me she would repay the loan. I was relaxed. She made monthly payments on time for the first few months. So I stopped keeping tabs on the payments. But after nine months, creditors started calling me for payments. My friend had stopped making payments after six months. She also stopped answering phone calls at that time. As a result, creditors began contacting me for payments. The missed payments tanked my credit score, and I eventually had to pay off the debt.
Image
