Is borrowing money from friends or relatives a good idea?
Pride alone should not keep you from asking friends or relatives to co-sign for you or loan you money. However, you should approach the matter with the assumption that your relationship with anyone who steps to the plate will be ruined forever if you’re unable to pay back the loan. So you may want to think twice if the loan would only be a quick fix to your credit problems and you may end up in bankruptcy anyway. Even if the loan would solve your immediate credit problems, you should also have a job and a steady income that would allow you to pay the loan back. Return to index . . .
