Will I take on my mom's debt?
Ok, so I recently just got a credit card and my mom cosigned for it. The only thing is that my mom has pretty bad debt already (from a very horrible divorce...). Since she's the cosigner, will I take on her debt? Will I be responsible for it?
- MadManLv 79 years agoFavorite Answer
- Steve DLv 79 years ago
Her debt is her debt - you will be responsible only for any charge that she places on the card that you hold jointly with her. The remainder of her debt remains in her name and you are not responsible for it. As long as you use the card responsibly and make payments, you are actually helping her rebuild her credit also. As a co-holder/joint holder, the payment records for that one card will be reported on both your and her credit reports. If you are wise, you will monitor all usage of the card and ensure that it is paid - I am hoping that your mother would not attempt to use the card and stick you with the bills and that you can help her rebuild her life after the divorce. Good luck.
- chris3fikeLv 49 years ago
No, and since she only cosigned for your credit card, she's not allowed to use it. Also if she dies, you cannot inherit her debt.
- JJLv 69 years ago
Nope, her debt doesn't affect you. The only way you could be affected by her is if she uses the credit card and then refuses to pay the bill.
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- Dan BLv 79 years ago
You will be responsible for the debt on your card only. If you default, your mom will be responsible for the debt on your card. Her debts are her debts, not yours.
- divipLv 59 years ago
If she makes a payment towards your debt she has effectively declared herself responsible for the debt and any creditors can go to her forever for payment. I think she has agreed to take responsibility for the card and you are the prime holder and you personally are the debtor , if you default they will go to her as the co-signer.
I doubt if you have taken on her debt but you may find it difficult to get further credit because of the credit history. It would be helpful to have separate bank accounts (different banks are good) so you aren't tied to each other financially for payments.
- ChrisLv 69 years ago
No, just for that one card.
- 9 years ago
Why would you ask that on the web, you have a brain use it.Source(s): Don't be an idiot.com