No. of Recommendations: 3
The problem is that family members treat loans ambiguously rather than as business arrangements that are expected to be carried out as agree.

And many, many, many of the cases appearing on the People's Court just go to show that it is not worth all that hassle. Documented well or not, the plaintiffs can usually get a judgement. So what? Yeah, on TV the winners of the cases are paid by the show's producers, but in real-life, you still have to try and collect the money from the defendant. Pay me or I'll ruin your credit! HA HA, too late for that!

And my favorite little bit from Judge Milian:

Let's think for a minute, why would one need a co-signer to get a loan?

Because they couldn't get the loan on their own.

And why is that?

Because their credit is bad.

And why is that?

Because they don't make the payments on their other debt.

And you thought things would be different this time because...?

I find it is much better to not do business with family members to begin with. Period.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.