Parents often face unexpected milestones as their children enter adulthood. One such milestone is when an adult child asks a parent to co-sign for a financial obligation. Co-signing makes the parent legally and financially responsible for the debt if the child cannot pay. This can impact the parent's credit report and borrowing power.

The request to co-sign can be for various purposes, such as a first apartment lease, car loan, private student loan, or credit card. Parents are advised to consider the implications of co-signing carefully. Further details are available on the steps to take before co-signing for an adult child.

These steps can help parents make informed decisions about co-signing and its potential effects on their financial situation.