If a friend asked to borrow money, would you charge them interest? A new survey found 11% of us DO charge interest when we lend people money.
Just over half of people said they’ve lent someone money in the past five years. And 24% ended up regretting it. Here are a few more stats about lending money . . .
1. The people we’re most likely to borrow money from are our parents, followed by siblings and friends.
2. A third of people who’ve borrowed or loaned someone money said there were negative consequences. The most common ones were hurt feelings, resentment, less contact with the person, verbal arguments, and uncomfortable family gatherings.
3. Only 4% of people said a loan caused irreparable harm to the relationship.
4. 22% of people who’ve borrowed money in the last five years haven’t paid it back yet.
5. The top reasons we borrow money from loved ones are to cover housing costs . . . car-related expenses . . . and to pay off other debt.
6. 83% of us would be willing to lend at least some money to a family member, and 75% would lend money to a friend. But the limit for most people is $500. (Lending Tree)