One misconception to clear up is that you do not become liable for the debt only if the person for whom you've cosigned can't pay.
Co-signing entails you entering your own seperate but related agreement with the lender. Under that agreement, you'll be acknowledging that the lender need not make any efforts to collect from the main borrower before coming after you for the debt. Obviously they won't come after you as long as payments are being made (they'll like making the interest), but that doesn't change the above.
It's a serious commitment, not to be entered into lightly.
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