is a joint loan a good idea 
if you help someone get a loan or credit card as a joint account holder be careful you re legally agreeing to pay back the loan or any amount borrowed even if you and the other account holder are no longer on speaking terms in the future the loan or credit card will appear on your credit reports and you will be responsible for the debt any delinquent debt from a joint loan or card could lower your credit score and a debt collection agency may seek to recover the debt if the terms of your loan are unclear seek legal advice from an attorney 910the bottom linejoint financial undertakings require two or more parties to accept ongoing responsibility for risks and rewards a joint bank account could provide both parties with funds for paying rent for example but it also leaves you legally responsible for fees even if your joint account owner s behavior led to penalties carefully consider the financial and legal implications of entering into a joint contract with another person and speak with an attorney to ensure you understand potential risks 