Did you accept a loan?

Did you accept a loan?

If possible, it may come to a point in your life when you need to ask a family member or friend for a loan. If a family member or friend offers to help you out financially, you need to ask up front if this is a loan or a gift. Often times, family and friends will be in a positive financial position to help you out and this can be extremely helpful. Sometimes a cash gift can be a spirit of generosity and you can thank them and their generosity. However, sometimes you need to pay them back and you need to be responsible for making it happen. Make up a pay-back contract and be realistic about it. Can you pay back $100.00 a month? Less? More? Figure out what is realistic for you and stick to the payment plan. Pay it back monthly—or potentially ruin your relationship. Keep track of your debt and what you owe because it is your responsibility to know the monthly balance. In sum, address what you can reasonably pay but also fund your needs. Do not continue to punish yourself—just take responsibility and perhaps this person will be willing to help you if you ever need help again in the future.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.