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"Loaning or borrowing money from a family member"

  • TheBestLife
    Posted: Apr 16, 2009 08:51 PM
    Richmond, VA
    Phil writes a blog for the U.S. News & World Report called The Best Life.

    Have you loaned or borrowed money from a family member because of the recession? Do you have any thoughts or advice for others?


  • #1
    Posted: Apr 21, 2009 02:06 PM
    Flag for inappropriate language
    Denver, CO
    View Profile

    Our daughter will attend college this year, but with the high cost of tuition, coupled with the losses in our savings, we have had to face some tough decisions. Do we tell her the college of her dreams is too expensive? Does one of us take a second job? Fortunately her grandparents came to the rescue. They offered to pay the balance of the cost and what we can afford. They will pay the tuition directly, thereby avoiding the dreaded "gift tax", which I read about in your column. In these economic times families need to help each other any way they can. We help our parents with their health challenges, financial planning, taking care of their home, etc. We are so fortunate that we have a family who cares about each other. . I wish the same for the rest of your readers.

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