Hi everyone and welcome back to Money Girls Quick and Dirty Tips for a richer life.

I'm Laura Adams. Whether you should co-sign for a credit card with another person is an important decision.

In this podcast we'll explore what it means to be a joint credit card account owner

versus having an authorized user.

After considering the pros and cons of both options, you'll know which credit card

setup is best for your situation.

When you apply or co-sign for a credit card with someone else, such as a spouse, a relative, or a friend,

you become joint account owners. You each receive a credit card in your own

names and share the responsibility for making monthly payments. But what many people

don't realize is that joint credit card owners are each 100% responsible

for all the debt that accumulates on the card.

The financial risk that comes with sharing liability for a credit card is something no one should take lightly.

Transactions on a joint account are reported on both of your credit reports and therefore affect both of your credit scores.

Let's say you co-sign for a credit card with your boyfriend and he goes on a spending spree

and charges thousands of dollars worth of surfboards, bikes and flyrods.

Even if you're in the dark about those toys or never use them,

if your name is on the account and you break up, guess what?

Yep, you'll be expected to pay for all of his credit card charges if he mysteriously

disappears.

If you don't make payments on a credit card account that's in your name, it'll be a huge black mark on your credit report and you'll see your credit score plummet.

Talk about a bad romance.

However, there are benefits to having a joint credit card if you have

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