The Average Person Owes Money To Friends And Family

If you have owed money to a friend or family member, you know the stress, it can put everybody in. Whether you are the loaner or the debtor it can become a problem.

Everyone knows that loaning money is some thing that you might regret. We all have instances of loaning money out only to never see it again. For some reason people don’t feel the need to pay the money. They owe back when it’s a friend or family member.

A new report says that Americans have combined to borrow $52 BILLION from family and friends.  Which is a LOT of Venmo.

More than half of us have done it.  The average person has borrowed $297 . . . and still owes $237.  So you've paid $60 back, or about 20%.

47% of people say borrowing and lending has caused serious conflicts . . . and more than 70% say communication broke down or relationships ended.

And get this:  Only 4% reported "no problems."  (!!!)

1.  Write it down.  It helps "formalize it" for both parties, so there's an acknowledgement of the loan amount, and when it's expected to be repaid. Can feel as though you are being very serious about the loan, but the recipient will know your expectations

2.  Take it seriously.  Just because you're borrowing from a friend or family member and not a loaning institution, you still have to take it seriously. But he wants to loan money out without the expectation that it will be returned .

3.  Give them a kickback.  If you're borrowing a large amount, you could offer interest for the time you need to pay it back. Doesn’t have to be a large percentage of the amount you borrowed, just enough to make them feel good about loaning you the money. Who knows you might need to do it again.

One thing to keep in mind, is that if you’ve ever loaned anybody a significant amount of money and we’re not paid back. Trust us, it will tarnish your relationship.

(Study Finds)