I have my own money problems and if i do loan him the money it will come with a great burden.
2006-11-28 07:48:01 · 12 answers · asked by allwayshappy 2 in Business & Finance ➔ Personal Finance
Help him, but not with money. You can do some research and find debt counselors, even help him find a lower interest way to borrow money to pay his debt off. But don't give him money. Too many things can go wrong, and it's not worth ruining the relationship over.
2006-11-28 08:02:16 · answer #1 · answered by jeepdrivr 4 · 0⤊ 0⤋
Never loan money to family members or friends, Because they will think you won't get mad if they dont pay you back. Also is he the type that always asks for money because he is in debt? If so i would deffinently recommend not giving him 5k. But if he manages his money well and just fell into a slump then thats another story. I would talk it out with him and see why he is in a financial crisis. but if he is like some people who are always asking for money so they never get ahead, suggest he go see a finanancial counseler.
2006-11-28 07:59:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No don't do it! I can totally understand wanting to help out family.However borrowing money to someone who you know has a problem handling their finances is not helping them.Give them moral support yes, money no.They need to come to the point where they realize they have a problem themselves.They are the only ones that can do it.If there is always someone there to bail them out of the hard times then they will never learn to face the real issue themselves.I know it will be difficult for you to do but in the long run they will come to realize that you were really doing what was best for them.
2006-11-28 08:10:14 · answer #3 · answered by brownifox2000 2 · 0⤊ 0⤋
No, you shouldn't. Lending money to someone with credit problems will only prolong the inevitable. He won't be able to pay you back, because his creditors will be hounding and threatening him for payment. In the end, it will only cause you more grief. Tell him you'd like to help, but that you really can't afford to. Then, politely suggest he get some credit counseling and start living within his means to get his debt under control.
2006-11-28 07:53:03 · answer #4 · answered by wickedwit 2 · 0⤊ 0⤋
If you have this money and feel you can spare it then it would be a nice favour. It can, however, be messy lending money to family or even friends. If he is in debt how responsible is he financialy? Will he pay you back? You don't want something that started with good intentions create animosity within a family.
2006-11-28 07:51:48 · answer #5 · answered by cdndave 2 · 0⤊ 0⤋
Definately not. If it would hurt you to loan him $5000, you should worry about your own finances before someone elses. Besides, he got himself into debt, he should be able to get himself out. Maybe in the future, you can loan him some money, but worry about yourself first.
2006-11-28 07:51:40 · answer #6 · answered by Low Key 6 · 0⤊ 1⤋
I searched across the internet and discovered tons of scams. After all this helped for me: financial-care.info-
RE My brotherinlaw has got himself in debt,he would like to borrow 5k should i loan it to him?
I have my own money problems and if i do loan him the money it will come with a great burden.
2014-09-07 10:16:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No and don't co-sign a loan for him either. Take him to a budget counselor and help him find an agency that will help him to consolidate his debt and not charge him and arm and a leg.
2006-11-28 07:51:50 · answer #8 · answered by brunettesmeanit7 1 · 0⤊ 0⤋
Always be VERY careful loaning money to relatives. Not a good idea.
2006-11-28 07:56:15 · answer #9 · answered by Anonymous · 0⤊ 0⤋
The only thing you need to ask yourself is
do I trust this guy
answer yes or no
yes-by all mean lend the money
no-not a cance in hell I would
2006-11-28 07:56:50 · answer #10 · answered by teddyrockstar 2 · 0⤊ 0⤋