Getting hit up for a loan can make you feel like you’re stepping into a minefield. In today’s economy, it’s easy to understand how someone can find themselves in a dark place financially. On the one hand, you want to help out a loved one who’s in need.
On the other hand, you’ve heard the stories about loans gone wrong, with friendships ruined and families torn apart. Also, you may be depleting funds that you might need yourself, says Irene S. Levine, PhD, psychologist, author and producer of TheFriendshipBlog.com. Even if you’re sure that the asker will pay you back, it’s hard to know if you should proceed.
Your cousin has been having financial troubles and has reached out to you for a lump sum of money to ease the burden. He said he’d pay you back when he is able to. Flash forward three years and his money problems seem to have evaporated but you still haven’t seen a cent of the money he was meant to return to you. Is it legal to sue someone, especially someone you have a close relationship with, over unpaid loans?
Starting, managing and growing your business will likely be one of the toughest challenges you’ll ever face. But the rewards are clear. Financially, and if all goes to plan, for your lifestyle. Here are some tips, tools and ideas to help you strategically consider your day-to-day cash flow and your goals for future growth.
Dear Lifehacker, I’ve racked up a fair bit of credit card debt, and while I’m slowly paying it off, it’s a pain wrangling multiple bills with different interest rates. My credit union is offering debt consolidation loans with a lower rate than any of my cards — should I take that, use it to pay off all of my cards, and only have one, low-interest bill to pay every month? Thanks, Trying to Dig Out