God’s Financial Advice: Cosigning


There are times when you want to help another person and are willing to take the risk. The Bible gives wise advice about financial matters such as cosigning.

A man lacking in judgment strikes hands in pledge and puts up security for his neighbor (Proverbs 17:18, NIV).

After winning the Super Bowl, Washington Redskins coach Joe Gibbs had a lot of money to invest. Some friends approached him about an investment that looked like a great opportunity. He didn’t have to put up that much; primarily, he was just cosigning for the friends. But the economy soon soured, and his friends were broke. The debt fell to him.

Although Gibbs was advised to declare bankruptcy, he believed the honorable thing to do was to pay his debts. For more than four years, his family lived on basic necessities, using every spare dollar to pay off the debt.

Thus, the danger of cosigning. Now, there are times you want to help another and are willing to take the risk. A typical example is helping a grown child buy a new home. But realize the risk and only cosign if you are able and willing to pay the full debt yourself, because that may happen.

We have seen that in the parent-child relationship in churches. When our church built its first facility, we were so new that no bank would make the loan. But our parent church cosigned the note. It was their good faith in us and in kingdom business that motivated their actions. They were willing to pay the note if we failed. Thankfully, we paid it in full.

The Bible gives wise advice in financial matters such as cosigning.

Please register for a free account to view this content

We hope you have enjoyed the 10 discipleship resources you have read in the last 30 days.
You have exceeded your 10 piece content limit.
Create a free account today to keep fueling your spiritual journey!

Already a member? Login to iDisciple

Home Finances Effect the Health of a Marriage
Jeff Little
Money Matters
Jonathan Falwell
Master Financial Planner – Will Work for Free
Bryant Wright
Living the Blessing, Part 3
Joseph Zupetz
I Don't Believe in Luck
Chuck Bentley
Follow Us

Want to access more exclusive iDisciple content?

Upgrade to a Giving Membership today!

Already a member? Login to iDisciple