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Money and Finances
Reply to "Offered friend loan of $80k"
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[quote=Anonymous]Does your friend have a plan to live within her means? She has incurred enough debt ($80,000) that she was planning on declaring bankruptcy. She is living beyond her means. What is her budget? What is her plan to not incur these expenses (she is a SAHM, so I am assuming no large amount of income coming in). What is her plan to pay you back? Is she planning on working? It is great that you want to support your friend, but what you are proposing is a recipe for disaster. She has the potential to get $80K in debt to you and rack up another #100K in debt on her cards. You are just pushing the ball down the road and postponing the inevitable. She needs to come up with a solid plan before you even consider this. Also, will you be OK with her spending/purchasing while she owes you money- or do you think you may be hypercritical (ie why is she buying a new car when she owes me $80K). Best way to lose a friendship is to lend a friend money. [/quote]
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