Loaning Money to Friends - Good Idea?
385 views · Published 10 April 2017 · 5:59 · Indexed 18 October 2026
Channel: Afford Anything Podcast · 2017 · People & Blogs
This is a listener question from an episode of 'Ask Paula,' where Paula Pant, host of the Afford Anything podcast, answers questions from listeners like you! This question comes from David. His friend holds $6,000 in credit card debt, with carries an interest rate ranging between 11 to 17 percent. This friend also holds $30,000 in student loans. Yikes! David, however, is debt-free, maxes out his retirement accounts, and holds cash savings of $56,000. He’s thinking of loaning his friend around $3,000 of this money, which she could use to pay off the 17 percent loan. In exchange, David would get a decent-but-not-outrageous return, perhaps in the neighborhood of 7 percent-ish. What should he do? You can find the full episode at http://affordanything.com/episode72
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