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We've been friends and neighbors for over 30 years. I borrowed some money(thousands) and have been slowly paying it back. Then one afternoon you notice the premium delivery service drop off my new 60-inch 3D Smart TV just in time for the football season. I paid $1,200 for the television;money that I could have used to pay off more of my debt. Are you angry? Disappointed?
I borrowed less than $10K and am paying it back @$200 per month. You decide under what conditions you would be okay with this and what would make your blood boil. Are you okay with my purchase if I've been making steady payments for the past 18 months but still owe over $5K?
i.e. I would be okay if the purchase was a necessity like a washing machine or a refrigerator. Not okay for, what I consider, a luxury purchase. The longer you owe me the money, the more disappointed I'll be.
so...say it's not a TV...say you are a smoker...and smoke 1-2 packs a day...does that change the answers to this Hypothetical situation??? For me, yes.
If you have money to smoke cigarettes or drink soda and/or booze...then you don't need my money. Ever.
so...say it's not a TV...say you are a smoker...and smoke 1-2 packs a day...does that change the answers to this Hypothetical situation??? For me, yes.
If you have money to smoke cigarettes or drink soda and/or booze...then you don't need my money. Ever.
Whew! Good thing you didn't say anything about coffee
If one loans money to a friend I think they should just assume that the money is not going to be paid back. My lesson was learned. My husband and I loaned 1k to a friend and her husband. She is planning and paying for a wedding, we have not and will not see the money ever again. I haven't thought about it, I wrote the money off, tbh, but when I did dwell it was very upsetting.
My fault for being a sap.
If you have "friends" who are so immoral as to where you have to decide the money is as good as gone when you loan it to them, maybe you should drop them as friends. I will NEVER associate with people like that. If an individual doesn't have enough common sense and honor to pay someone back who helped them in their time of need, what does that say about them as a person?
As far as you hypothetical question I would be extremely pissed if we had a "pay as soon as you can" agreement. However, if we agreed on a set monthly installment, as long as they are sticking to that agreement I could care less if they buy a TV, car, yatch etc..
We've been friends and neighbors for over 30 years. I borrowed some money(thousands) and have been slowly paying it back. Then one afternoon you notice the premium delivery service drop off my new 60-inch 3D Smart TV just in time for the football season. I paid $1,200 for the television;money that I could have used to pay off more of my debt. Are you angry? Disappointed?
I borrowed less than $10K and am paying it back @$200 per month. You decide under what conditions you would be okay with this and what would make your blood boil. Are you okay with my purchase if I've been making steady payments for the past 18 months but still owe over $5K?
i.e. I would be okay if the purchase was a necessity like a washing machine or a refrigerator. Not okay for, what I consider, a luxury purchase. The longer you owe me the money, the more disappointed I'll be.
Well, I wouldn't have loaned you that kind of money to begin with. If you have such crap credit that you can't get a loan on your own from a reputable bank, I sure as hell ain't taking that on.
Now, assuming I'm not that person, I'm a chump with change and you'd been a good friend to me over the years, you are a responsible guy, and you are in a desperate situation and I can afford to loan it to you, I'd want it in writing, notarized, that you pay me back in a year without interest, or two years with 10% interest. If you always pay me on time, I'd probably shrug and be okay with it, UNTIL you are late with your next payment.
Last edited by convextech; 09-12-2014 at 12:52 PM..
Yeah.
I'd be POd.
No matter what the loan was for.
You should be scraping and scrambling to pay me back.
That's what I would do.
Not smoking, drinking, eating out, or buying tvs.
This is why I don't get involved in loaning people money, etc.
It depends.. Is the person paying back, at least paying back with interest? In that case, even if say an extra $500 interest over the course of the loan, it shouldn't matter..
However, if they aren't, I would not be doing that.
When I finished school I owed my parents around $6k-$8k. Can't recall now. We were on a payment plan that I paid every month. Still, when I wanted to buy something more expensive that I may not have really "needed" I still ran it by my parents just to get a feel for how they felt or if they seemed like it would be a poor choice and shouldn't do and pay more towards debt. I think they understood that just because I owed them money I didn't have to still eat beans and rice, but we just wanted to be on a good payment plan. They have very sound financial advice more often than not. Heck, I'm 26 and make a very very good income for my age, and I still go to them occasionally about financial advice. Anymore I'm doing well enough that it's more large decisions, but it's still god to hear.
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