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Loan Money

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Should you loan money to friends? We asked our users if they ever loaned money to friends, and we got back a slew of horror stories. Overwhelmingly, the responses have been of people not getting their money back. This might be a selection bias, but it was interesting to see how almost all the responders said if you’re going to loan money to someone just assume it’s a gift. Here is one particular story: I…

A while back my Sister asked me if she could borrow some money to pay off her credit card debt. Nothing big, just under $2,000 and the credit card even had a decent rate. But with her less-than lucrative career she is having a hard time paying it down.  And it was holding her back from buying a new car. Without this debt she should be able to show a good credit score and a…