To loan or not to loan...that is the question?
Yes, we all want to help our friends or family members when they are struggling financially. Especially during these hard times. My advice... is that you kindly refrain from doing so. Why? Because there is a 90% chance it will end in bitterness. However, if you are fortunate enough to have extra cash on hand and decide on loaning to a friend or family member please keep in mind that you may never see it again.
In other words, only loan money you are willing to part with...forever. It is perfectly acceptable to arrange a payment schedule or reasonable interest rate. But, if they don't keep their end of the bargain make sure that it doesn't put you or your family in financial jeopardy. If you get asked for a loan and cannot do it, just be honest and upfront about the reasons you are not able to help. There might be alternative ways to support your friend or family member...more creative avenues they possibly did not think about.
2 people left a comment!:
This is excellent advice. Loans never end well.
Good Advice...
Here's more good advice from my late "southern" grandma...
Never "loan" anickel to a friend until you figure oyt which one you need the most.
She was a very generous woman, notice she said loan, not give.
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