My sister asked me to take out a loan to pay for her wedding. My credit was better than hers and my credit would allow for the largest amount of money to be received. She told me that she would make the monthly payments to pay back the loan. She wanted to take out a loan of $60,000. I was hesitant to take out the loan since my sister doesn’t always pay her bills on time, and I was fearful that she would ruin my credit. The thought of telling her no made me feel bad. I wanted for her to be able to have a nice wedding. Almost a year later, what I feared has come to fruition. She has fallen on hard times and missed two payments. There is $54,000 left to pay. It is not within my budget to take on the payments at this time. I am fearful that I will soon have a collection agency after me.
Any value of help will be appreciated.