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For most of us, it’s tough to say “No” to a loved one who asks to borrow money.
Perhaps that’s why we often lets our hearts rule – instead of our heads – when it comes to loaning money to family members and friends.
Unfortunately, when you fork over cash to a relative or pal, there are a lot of things hanging in the balance.
Once you loan someone money, not only do you run the risk of not being repaid, you also face the potential hazard of your relationship getting tarnished.
So for this week’s Challenge, I’d like you to share with the AARP community your story about a time when you loaned money to a family member or friend. How much money did you loan? To whom? And what happened?
Was the money repaid in a timely manner? Did you regret loaning the funds? Or did everything work out just fine?
Whatever the case, your tale of loaning money can help offer some perspective to others taking part in the Debt Challenge who may encounter this dilemma.
While you’re sharing your experience, be sure to check out my video advice here on AARP offering some guidelines for those of you who choose to go ahead and loan money – despite some of the stories you may read here.
By following my tips, you’ll at least decrease the chances of a loan going sour.