Borrowing Money From Family Just To Get By
Borrowing money from friends or family can be tricky business. If you don't intend on paying back the money that you borrow, or if you have any difficulty with making payments, then it can easily cause tension in the relationship with others.
For this reason, many people simply won't ask their friends and family when they need financial help, but for others it's necessary in order for them to get by.
A recent YouGov survey found that almost a quarter of Scots today have to borrow money from their family just so that they can survive.
The survey, which included more than 3,000 participants, indicated that more than half of those who are borrowing money don't feel good about it.
For those family members who are helping though, a great deal of them admit that they aren't upset about having to help.
The truth is that many people today don't have a great deal of savings, millions are living paycheck to paycheck and struggling to get by. Many people wouldn't be prepared to handle an unexpected emergency and they would have to hope that friends or family would be able to help them. Although borrowing money can easily ruin a good friendship or family relationship, there are many relationships who have also managed to thrive despite money owed, it isn't always a death sentence.
For those who do help out, they likely do so without the immediate expectation of seeing it back, though advisors have suggested that you should make the rules of the exchange clear, possibly even write them down or consider charging interest, to be sure that you see your money again. Financial experts have also suggested loaning an amount that you consider a gift or an amount that you can afford to lose, so that if family fails to pay back that it won't ruin the relationship.
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I have only given money to my grown up children and it is done with love without any expectations of return. It has never been thousands of dollars either. So I think if family asked for lots of money I would have to stop and think first and secondly have enough money to give knowing that it may not come back. A tricky one @doitvoluntarily because I agree with you when you said that we do not have lots of money these days and what we have has come with hard work.
thats why i never borrow from others i only lend so they own me favor and money. i ll prefer to die alone than ask for help.
'Better rich in prison than poor and free"
-Joe Daldon 😀
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And the MSM still happily reporting on how strong our economy is and how low the unemployment numbers are.
When this is the reality many are seeing / living.
I think that asking family for money is the hardest thing to do, because I went through that but when you have no way out, that is the only option.
We have always been doing awesome, actually better than anyone in our family and we were the ones giving out hand to all and lending money, but life is full of surprises and turns and when we were the ones asking for help, it was the hardest thing to do.
@doitvoluntarily hello dear friend, the worst thing that can happen to you is that a relative asks you for money, that money you do not usually see it.
I wish you a great day
In America, it is hard to ask anyone for money, everyone is broke.
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