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Borrowing From Family

June 27th, 2010 at 07:31 pm

It might seem like a good idea you just need some money to help buy a new car or need money for school. So you decide to head to the bank of Mom and Dad. This is a recipe for disaster. You might think "But its my mom, nothing bad will happen if I borrow money from her".

That is where you are wrong. Remember that 'The borrower is slave to the lender'. No matter what you think will happen its going to create tension between the borrower and the lender.

I learned this the hard way. By borrowing money to pay off credit cards. Later on I learned its just a lot easier to do things for yourself. When you go over to their house there is always a weird tension in the air. All you can think about is getting that family loan paid off. I am so glad that it is done. We have learned it the hard way but it has taught us a lot so I can relay this message onto others.

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