Should I Loan Money To Friends and Family

Jul 28, 2019 Posted by Ted Jenkin @ Your Smart Money Moves In Budgeting, Financial Independence Tagged family, Friends, loan, Money Comments 0

Every quarter the Federal Reserve reports on national household debt, and every quarter we’re reminded of the trillions of dollars that Americans owe in credit cards, student loans, mortgages and more. But what about FF debt — aka loans from the Bank of Friends and Family? (source: finder.com) Getting by with a little help from your friends is nothing new, but especially with peer-to-peer lending and digital wallets making lending to people we know easier, we wondered how much do we rely on our loved ones? And how much do these loans contribute to our national debt? (source: finder.com) What Finder found is that we borrow money for much bigger expenses than to cover lunch (despite what your Venmo feed may say) — to the tune of $184 billion annually. That’s a figure that is more than student loan and credit card debt combined and deserves a closer look. (source: finder.com) How did they calculate how much we borrowed from friends and family? ...

Lending Money

Has a friend loaned money to you … or worse, asked you for a loan? How much is too much? Ted Jenkin has some tips for keeping friends. ...

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