Borrowing money from friends or relatives may be a life-saver when you are in desperate need for the fact that there is no interest added (usually!!) and the friend may accept payment of a small sum of money each month or over a fixed period of time. However, the situation can become tricky if you are still in financial difficulties when it comes to pay/begin-to-pay it back.
During this time you may need to consider how your behaviour is perceived by others. If you are seen to be spending ‘anyhow’, this may not be appreciated by your friends. After all, you we them money and if they see you spending on what they see as unnecessary products or services it could damage your relationship with them.
Dave Ramsey said in his book the Total Money Makeover Workbook that “If you GIVE money to your friend, you get the joy of giving and your friend has the pleasure of RECEIVING. If you LOAN money to a friend however, your friend is no longer an equal in the friendship – rather your friend is ‘under’ you in a way that’s difficult to explain psychologically but true nevertheless. You will have changed the power-balance in the relationship to suddenly being ‘on top’ with your borrower friend ‘below’. Resentment can build up in both persons, as well as a great deal of anxiety, frustration and even anger.”
“Avoid the hassle and keep your friendships as FRIENDSHIPS. Don’t loan money to friends and relatives.”
I can add that all these negative feelings mentioned above arise when the loan remains unpaid and/or the borrower is making no effort to acknowledge or paid back the loan.
The last thing i am sure will be beneficial for us all (Lenders and Borrowers) of what the Bible says in these 2 verses:
Psalms 37:21 “The wicked borrows and does not pay back, but the righteous is gracious and gives.”
Psalm 112:5 “It is well with the man who is gracious and lends; He will maintain his cause in judgment.”
Related posts:
Connect With Me