Taking a loan from family is risky for lender and borrower, CNBC survey finds

  • 📰 CNBC
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 72%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

Taking a loan from family is risky for lender and borrower, CNBC survey finds. investinyou (In partnership with acorns.)

div > div.group > p:first-child"> Given a choice between maxing out a limit on a credit card or taking a loan from a family member, lower-income households and people of color are more likely to turn to relatives, according to a CNBC Invest in You and Acorns Savings Survey.

The survey was conducted for CNBC by SurveyMonkey in March among a national sample of more than 2,300 adults. "Going to a family member might be a knee-jerk reaction," said Louis Barajas, a certified financial planner at Wealth Management LAB in Los Angeles."They won't charge any interest.""The person who's funding the loan is making a financial decision based on emotion," Barajas said."'It's my daughter, it's my niece.

"There are long-term implications on both sides," Barajas said."You're going to see disharmony among family members who don't pay them back." "I see it with first-generation immigrants who start earning a great salary," she said."Family members want to borrow from them, but we know that 'borrow' really means 'give.'"

Both parties should also set expectations from the beginning. Is this a loan that must be repaid or is it a gift?

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

acorns Money and family don’t mix

acorns Nicely written post, If you into trading, checkout instacryptonews, I think they follow all major coins and have instant retweets.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in LOANS

Loans Loans Latest News, Loans Loans Headlines