HELPFUL HINTS

DEAR READERS: What happens if someone you know, a friend or family member, asks you to co-sign a loan? Most financial advisers will discourage you from saying yes. Why? Let’s take a look.

According to the Federal Trade Commission (www.ftc. gov), when you co-sign a loan, you are saying that regardless of any situation, this loan will be paid. But what if the borrower cannot pay and you don’t have the money to do so either? If the payment is late, fees and penalties can accrue, which will add to the amount owed.

Be aware that the creditor can collect from you first, before collecting from the borrower. The creditor may take all kinds of action against you, including filing a lawsuit against you and even garnishing your paycheck or bank account. What a mess!

Never pledge items to secure this loan, such as your car, jewelry or furniture. If the loan doesn’t get paid, you could lose this property.

It’s OK to say no. “No” is a complete sentence! Instead, you might offer the person some hints on saving up cash, or you could gift the person a portion of the money, but the risks for co-signing are numerous.

DEAR READERS: As the summer carries on, and COVID-19 is still in full swing, it’s important not to get complacent and careless about prevention. Here are some reminders:

■ Throughout the day, wash your hands often for 20 seconds with soap and water.

■ Keep your distance from others; six feet is recommended.

■ Wearing face masks is vital to protect you and others.

■ Clean and disinfect frequently touched surfaces in your home and car.

These hints are from the Centers for Disease Control and Prevention (www.cdc.gov), a trusted source during this pandemic. Let’s all do our part to help control the spread of this virus. We’re in this together, and we will get through it.

DEAR HELOISE: When you lose your wallet, all sorts of scary thoughts go through your mind. You’ll, of course, need to act quickly to cancel your credit cards, but do you remember everything that was in your wallet? I couldn’t when it happened to me. So as soon as I had replaced my driver’s license, insurance cards and credit cards, I took a photo of each (front and back) with my cellphone and emailed them to myself. I saved the photos in a file on my computer. Now I have peace of mind knowing that I have a record of what’s in my wallet saved in two places.

— Donna in Kentucky