I'm 20 years old and live at home (paying rent too) with my father. He just asked me if i would be willing to co-sign on a dept consolidation loan. He tells me he's combining all his dept to make it more easy to pay off, and pay less money. The problem is he has so much debt that he cant get the loan himself, and he would need me to report my income and co-sign on the loan.

He also explained that co-signing would build me credit. This makes obvious sense but I'm not sure about the risk. I just paid off a car loan a month ago way ahead of my 2 years and built myself some credit. Putting my credit into his hands now sounds risky. Im also worried he could fall behind and then I would be forced to invest money in the matter to avoid it affecting my credit. Like I said I just paid off my car load and I'm working more than ever (40+ a week min. wage) trying to build up a saving for my future (primarily college).

It seems unreasonable for someone, that has never been able to give me financial support, to ask me to put my new credit on the line. I would love nothing more than to help him, especially when he talks of possibly loosing the house if he does not consolidate, but I feel no reassurance this a smart move.

From what I have read on the internet consolidating a loan should only be done in certain situations and its hard to find a reputable lender for these consolidations.
user
Father wants to consolidate loan, but I have no experience with loans and no
assistant
I'm 20 years old and live at home (paying rent too) with my father. He just asked me if i would be willing to co-sign on a dept consolidation loan. He tells me he's combining all his dept to make it more easy to pay off, and pay less money. The problem is he has so much debt that he cant get the loan himself, and he would need me to report my income and co-sign on the loan.

He also explained that co-signing would build me credit. This makes obvious sense but I'm not sure about the risk. I just paid off a car loan a month ago way ahead of my 2 years and built myself some credit. Putting my credit into his hands now sounds risky. Im also worried he could fall behind and then I would be forced to invest money in the matter to avoid it affecting my credit. Like I said I just paid off my car load and I'm working more than ever (40+ a week min. wage) trying to build up a saving for my future (primarily college).

It seems unreasonable for someone, that has never been able to give me financial support, to ask me to put my new credit on the line. I would love nothing more than to help him, especially when he talks of possibly loosing the house if he does not consolidate, but I feel no reassurance this a smart move.

From what I have read on the internet consolidating a loan should only be done in certain situations and its hard to find a reputable lender for these consolidations.
user
Dad asking me to co-sign on a consolidation loan. I don't want it to
assistant