Co-signing loans is a gamble. Co-signers make promises to pay loans if the primary applicant defaults. And with it, many take on risks without fully realizing all the consequences of the deal.
A fixed income is often associated with seniors on pensions. Surprisingly, it is also a reality for many other people. That is why financial literacy and money management skills are a necessity for people of all stripes, not just seniors.
Seniors are carrying a lot of debt. As you approach retirement, it might be useful to understand what is going on. There are many debt pitfalls you will encounter. Here’s how to avoid them when your income flatlines.