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Thursday, January 7, 2010

Dad's Ramblings -- The Snare of Co-signing

"My son, if you become surety for your friend, if you have shaken hands in pledge to a stranger, you are snared by the words of your mouth....So do this, my son, and deliver yourself; for you have come into the hand of your friends: Go and humble yourself; plead with your friend. Deliver yourself, like a gazelle from the hand of the hunter...."\
 
                                             Proverbs 6:1-5
 
Now that we have discovered the value of wisdom, we start the advice section. The first word of advice is indeed good: Do not cosign for anyone else's debt – not for a relative, not for a friend, and certainly not for a stranger. It is a snare to become liable for another person's obligations. If you have already obligated yourself, free yourself, like a deer escaping the hunter, even if you have to get on your hands and knees and beg to be released from your pledge. It is better to be humbled by seeking release than to be required to pay the other person's debts when he defaults.
 
Today' Thought: Avoid the snare of co-signing for another person's obligations.
 
Have a free day. Love you.

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