Reply to Would you co-sign or lend money to a family member?

Forum Index » Family Relationships

Reply to "Would you co-sign or lend money to a family member?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Interesting that you mention that you have a US-based perspective on this. I wonder if other countries have the same issues with credit? Is it as bad for somebody in other countries if they have bad credit? [/quote]

I am of Korean decent and my parents (1st generation in America) and their friends routinely loaned each other money in a group setting.  The purpose of the money ranged from starting a business, purchasing a car, buying a replacement appliance, etc...all large purchases that would require a loan from a bank, which they did not have access to since they had no credit.  Your credit was basically your reputation.  Now that my parents and their friends are more established and have solid financial footing, the group loan system is not utilized as much, and if it is, it is done socially for everyone to keep in touch, rather than actually needing the money.  Informal immigrant systems like this is what binds these friendships together and builds a culture of helping people to create a rising tide to lift all the people in the community.  As a second generation American, I still feel an obligation to help complete strangers of Korean decent that are of similar age as my parents.  That's not to say that I don't help people of other ethnicities, I very much do, but I almost feel an accountability and extra burden towards older Korean people because I am familiar with the sacrifices and struggles that they experienced.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics