Is cosigning bad?

Is cosigning bad?
Proverbs 6 1 My son, if you have put up security for your neighbor,
if you have struck hands in pledge for another,2 if you have been trapped by what you said,
ensnared by the words of your mouth,3 then do this, my son, to free yourself,
since you have fallen into your neighbor's hands:
Go and humble yourself;
press your plea with your neighbor!4 Allow no sleep to your eyes,
no slumber to your eyelids.5 Free yourself, like a gazelle from the hand of the hunter,
like a bird from the snare of the fowler.Proverbs 22:26 Do not be a man who strikes hands in pledge
or puts up security for debts;27 if you lack the means to pay,
your very bed will be snatched from under you.You are responsible for the loan/credit/open account/lease you cosign. You should be prepared to pay what is owed if the party you are cosigning fails at payment. If you are not prepared for this, you should not cosign.