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Reply to "Would you charge a family member interest?"
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[quote=Anonymous]Yes. If I have outstanding loans, I charge the interest rate on that loan, as I could have used the money to pay off the loan, thus saving those interest costs. If it is coming out of savings, I'd charge the interest rate on that savings account. I've found that friends and relatives who ask to often don't understand the sacrifice on our part, and charging them interest shows them that we are sacrificing something to give them the money, without taking advantage of them. By the way, I also ask for automatic deduction from their paycheck if I am concerned about getting the money back. Yes, I've been burned one too many times.[/quote]
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