When a Loved One Asks for Money?

by | Sep 13, 2012 | Debt Relief, Loan Debt

If Aunt Edna calls you and asks you for money, what would you do?  Many of us would immediately react in their heads with a yes, but the real issue is whether you are actually helping Aunt Edna at your own expense.  This article suggests that you say no.

http://www.creditcards.com/credit-card-news/how-to-say-no-family-money-requests-1278.php

The issue is to not derail your own finances at the risk of helping another.  What you should do is express empathy, reference your financial obligations to explain why you don’t have the money to lend, offer advice if appropriate to give some insight on better financial management, direct them to other resources and then expect to feel guilt about saying no to the family member.  The first person you should help is yourself.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.