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Often carry with them
A high, non-monetary 'interest rate'.
Are they truly worth it?
I have a quick quiz for you. - Now, don't worry, it only has 1 question.
What is the biggest reason why couples divorce, according to many experts? You can have 2 guesses.
Okay! If you said 'money' or 'finances' you would be right! (Even if you said 'sexual issues', you would be correct. Just not for the purpose of this advice.)
A lack of money, too much money, spending habits, credit rating, spending money, and loans, all can help to wreck a marriage.
Especially in this economy, folks are turning to family members for loans.
Yet, whether or not the loan ifs to help with paying the rent, buying holiday gifts, starting a new business venture, or car repairs, when you borrow from family, you run great risks.
What if they remember a different payment schedule or interest rate than you do?
What if they run into financial difficulties and need the money back, ASAP?
What if they die and their heirs want a fast repayment?
What if they decide that you aren't spending the money wisely?
How will you or your spouse feel when you see these relatives at a family function? Sheepish? Ashamed? Inadequate? A 'failure'?
And, I could go on. The list is long.
And, you can do some things to renegotiate a loan with a stranger or bank than you can with your relatives.
So, the bottom-line advice is so simple! Family loans? Just say 'no'!
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