Money issues can cause problems between family members, spouses and friends.
In fact, money issues are now the main reasons for divorce, surpassing infidelity!
Below are money borrowing etiquette's that should help avoid those problems.
1. When you ask for a loan and say you will pay the lender back
on a specific date.. pay him/her back on that date.
2. If some unforeseen circumstance prohibits you from paying on time,
call your lender (hey, you took the time to call when you wanted to borrow
the money didn't you?), give your reason(s) and either state when you will
be able to pay or ask for an extension. If the circumstance is going to make
it difficult to repay the money all at once, work out an agreement about
when and how you will pay back to loan.
3. Once an agreement has been reached, then honor it and pay as promised!
4. Be aware that just because the person loaned you money, it does NOT mean they
can afford not to be paid back or not be paid back on time! I know of people
who have extended a kindness, loaned money in good faith and found themselves
in a serious jam when they were not paid back (or paid back at the specified time).
5. Do not ask for another loan from that lender if you have not paid back the first loan
(or second, or third, etc). There are some people who have the audacity to keep asking
even though they haven't paid what they already owe, have not mentioned it and in
some cases, never mention it again.
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