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?
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