Family and friends lend out about $89 billion in cash each year. More than a third of that total is used to help finance a new business while 6% of first-time home buyers get help from (usually) their parents. About a quarter of those loans were never paid back at all and more than 40% were only paid back partially.
The moral here is not to lend more than you can afford to lose. Sort of like playing poker or blackjack in a casino.
But what about lending your credit card to someone else, either a family member or good friend? How likely is that result in a bad outcome? According....More>>>