Chapter 2
For the next two years after I signed, Michael's shop was actually doing pretty well.
Every now and then, he'd text me to update me on how things were going.
Michael: [Hailey, I made ten thousand dollars in profit this month!]
Michael: [Hailey, I just got a new car—a BMW 320!]
I texted back, [Remember to pay your loan on time.]
Michael: [Don't worry, I'll pay on time.]
I thought things were finally looking up.
But then, one afternoon in the third year, I got a call from the bank.
"Hello, is this Ms. Hailey Carter?" the voice on the other end asked.
"Yes, this is Hailey Carter," I replied.
"You're the co-signer for Mr. Michael Carter's loan. His loan is now three months overdue, and we've tried reaching him multiple times without success. As the co-signer, we need you to—"
My head was buzzing—I could barely process what I was hearing.
"Wait," I cut in. "Are you saying he's overdue? How much is it?"
"Principal and interest together, it's two hundred ninety thousand dollars," the bank rep replied.
I hung up the call with the bank and immediately called Michael.
His phone was off.
So I called Mom.
"Mom, why is Michael's phone off?" I asked.
"Oh, he's on a business trip out of town," Mom said, her tone casual. "He'll be back in a few days."
"His loan is overdue. The bank just called me," I said.
There was a brief silence on the other end.
"It's nothing," Mom said. "He's just busy with his business, probably just slipped his mind. He'll pay it off in a couple of days, no problem."
"Mom, that's two hundred ninety thousand dollars."
"Alright, I know," Mom cut me off. "Stop pushing him. He's under a lot of stress lately. You should be more understanding."
I opened my mouth, wanting to say something, but nothing came out.
"That's it, I'm going to make dinner," Mom said.
Then the line went dead.
I sat at my desk, just staring blankly at my phone, not moving an inch for what felt like forever.
For the next two months, I called Michael at least twenty times a day.
Every now and then, he'd actually pick up.
"Hailey, I'm strapped for cash right now. Just hang on a little longer," he'd say.
"How much longer?" I'd ask.
"Almost there, almost. Next month, for sure," Michael promised.
Next month.
Then another month.
And another month after that.
The bank's debt collection calls started coming three times a day instead of just once.
My phone was completely spammed with debt collection messages.
"Dear, the loan you backed is now 180 days overdue. We're about to start legal proceedings."
I called Michael again.
This time, he finally picked up.
"Michael, when are you ever going to pay me back?" I asked.
"Hailey, the shop went under," he said, sounding totally defeated. "I'm completely broke."
My stomach dropped. I felt like I'd just been punched in the gut.
"You... what?" I managed, barely able to process it.
"The shop's gone under," Michael said again. "It shut down three months ago."
"Why didn't you tell me before?" I demanded.
"Would it have made any difference if I told you?" Michael shot back. "I'm not a magician. I can't just make money appear."
I took a deep breath, trying to keep my anger in check.
"So what do we do now?" I asked.
"I don't know," he said. "I'm broke. Hailey, can you help me out for now?"
"What?" I blurted out, totally stunned.
"Don't you have savings? Can't you cover me for now? I'll pay you back once I'm back on my feet," Michael pleaded.
I gripped my phone so tight my knuckles went white.
"That money took me eight years to save," I said, every word measured. "It's my house down payment."
"You can always buy a house later," he said, totally dismissive. "Hailey, you're not even married yet. There's no rush."
I closed my eyes.
"You deal with it," I said, my voice icy.
"What if I can't pay it back? What if the bank sues me?" Michael asked, his voice rising with panic.
"That's your problem," I said, my voice cold.
"But you're the co-signer!" Michael's voice shot up. "The bank's gonna come after you!"
"Didn't you promise me you'd pay it back?" I shot back.
"I... I never thought the shop would go under!" Michael protested, sounding hurt. "Who can guarantee a business will make money?"
"Then why did you make me co-sign?" I demanded.
"Because I had no other choice!" Michael shouted. "My parents don't have any money, and I don't have any assets. Who else could I turn to?"
Hearing him, I couldn't help but feel how absurd the whole thing was.
"So," I said, my voice icy, "from the very beginning, you were just planning to make me take the fall for you?"
"Hailey, don't say that," Michael protested.
"From the start, you knew that if the business failed, I'd be the one stuck paying for it, didn't you?" I said, my voice cold.
"That's not how it was," Michael tried to explain.
"When you tricked me into being your co-signer, did you ever think about how my life would be ruined if you couldn't pay?" I demanded.
There was silence on the other end.
"Hailey," Michael's voice grew small, almost pitiful. "You're my sister. Isn't it your job to help me out?"
I hung up.
That night, I wired every cent of my eight years of savings—fifty thousand—into the bank.
It was a drop in the bucket.
But I had no other choice.