I co-signed for my grandson to purchase a computer for $2,000 with the agreement that he would make $200 a month payments. All was fine until I got a call several months later that the bill was not being paid it amounted to over $3,000. I was amazed because I had only co-signed for $2,000. However, it turned out that what I really signed for was a $10,000 limit on a Visa Credit Card. Never, never, never would I have given that kind of power to my grandson nor anyone.
The worst part of this scenario is that I am a CFO of a small group of companies and did not think of myself as easy to rip-off. I turned the paper work over to my grandson for him to learn to manage a debt - instead what he learned was that his grandmother had been ripped off and he could take advantage of the situation believing full well that he could easily make the payments and manage the account.
I will always discourage anyone and everyone from ever purchasing items through Circuit City. Not only did they not explain what the credit purchase represented, they blatantly left out that information.
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