A Friend or Family Member May Not Want to Lend Out More than They Can Afford to Lose or Want to Jeopardize Their Relationship With You
A friend or family member may value your relationship too much to jeopardize it by lending you money. They may also live by the motto “Don’t lend out more than you can afford to lose.” If they do decide to lend you money, despite their best intentions, money and financial support can often come with strings attached.
The lender and borrower relationship can change a friendship and people may begin to see each other differently. This is especially true if you find yourself struggling to make your payments. Your friend or family member might become angry or demand payment. Their situation may also change and they can’t afford to be without the money they lent you.
Contact Us for More Information About Borrowing Money from Family and Friends in Order to Consolidate Debts in Canada
Borrowing from family or friends might be a great option to consolidate or manage debt for some, but it may not be the best option for others. Rather than jeopardizing your relationship with your family and friends, speak with one of our experienced Credit Counsellors to get the help you need to consolidate your debt. The Counsellor will answer your questions and give you guidance and advice. Contact us by email, by phone at 1-888-527-8999 or chat with us online right now to make an appointment. All of our appointments are free and confidential. If you suggest that a friend or family member contact us, you’re welcome to attend their appointment with them, if they would like to bring you along.
There are a number of ways to consolidate your debt, and many aren’t well known. Learn more.
Why Talk to Creditors?
When you’re in debt, your creditors can help you. But communicating with them effectively is key.
Are you curious about what credit counselling is or how it works? Here’s what you need to know.