Reported 1 day ago
Borrowing money from family can be uncomfortable and lead to complications, as illustrated by Sherrie Palm's experience when she borrowed $3,000 from her parents for her nonprofit's work in Nepal. The lack of a clear repayment plan resulted in family drama years later, underscoring the importance of transparency and formal agreements when borrowing from loved ones. Financial therapist Oliver Schnusenberg advises setting clear terms and possibly charging interest to maintain clarity and reduce awkwardness, while also highlighting that borrowing can affect family relationships.
Source: YAHOO