6. Don't borrow money to bail someone else out. Let that person find their own lender.
If you don't have the money to lend that person in the first place, then when would you pay
it back and how can you guarantee that the other person would be able to pay you on time so
you can pay your lender on time?

7. Don't borrow money for an alleged emergency then spend money on unnecessary
expenditures, especially when your lender is aware that you are doing so and you have
not even made an attempt to pay him/her back. That's like thumbing your nose in that
person's face.

8. If you are borrowing money from a financial institution....same rules apply.
If you can't pay or pay on time, it's better to call and make arrangements than to
duck the bill collectors. That does nothing for your credit rating and score.

9. My mama taught me "don't wear out your welcome". Well...don't wear out your
money welcome. Even if you've paid back your loans on time to your (private) lender,
People don't realize that sometimes the lender has to shift her whole financial plan around
to accommodate the loan request, especially if it's for a relatively large sum. Plus, who
wants to be an enabler? If an individual is continually borrowing, that means there's
something that person needs to do to set his finances right, be it find a part time job, create a
budget or cut out some extras and creature comforts for a while. There are wants and then
there are (real) needs.

10. Don't act like you are "entitled"!! Even if you are borrowing money from a close relative.
Once you've passed 18 or maybe as old as 21 (if in college), you are technically no longer
entitled to your parents' money. Too often people try to lay a guilt trip on their prospective
lenders if they refuse to lend money for the fourth time or if their lenders keep asking
for repayment.

0 Response to "10 Money Borrowing Etiquette's [pt.2]"

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