With the stroke of your pen on the loan document, you officially become wed to your child—vowing until the payoff do you part. Yes, wed! No matter how much you believe in the future success of your child, you must remember that your credit and finances are at stake.
In the world of consumer credit, being out of balance suggests that you have an unpaid credit card balance that follows you from statement to statement. When you do not pay the outstanding amount in full, you tip the scale in favor of your creditors. They happily chant “Mo’ Money” while you sing the “no money” blues.