When you co-sign for a loan or a lease you’re more than just a backup if primary borrower can’t repay his or her debts, you’re a co-borrower! You share liability even though you share none of benefits of loan or lease. Lenders can turn to you at any time to get back their money, not just when they’ve exhausted all efforts with borrower.

“My ex-husband co-signed for a loan for a girl several years before we married. She was in armed forces, and he got stuck with entire bill. It took years before it was paid off,” said Marjorie, a forum participant at

3) Cash advances normally carry no grace period. This means interest charges accrue as soon as you withdraw money or cash convenience check.

By law your credit card company must disclose any fees associated with a cash advance. The easiest way to find out what fees are charged is to carefully read your credit card statement or to call your credit issuer’s toll-free customer service number and ask questions.

Credit card companies charge these fees for two main reasons. One, to cover costs to process this transaction which are often higher than a regular credit card purchase. And secondly because of percentage of defaults among credit advance users. These costs are then passed along to you consumer in fees and interest rates associated with a cash advance.

The next time you are tempted to cash that convenience check or withdraw money from an ATM using your credit card, be sure you understand fees and long term effects of using a credit card cash advance.