Many of us have heard the advice “Never lend money to family or friends.†But it’s one of those truisms that’s difficult to put into practice. That’s because many of us also know what it’s like to be in a financial bind, and we want nothing more than to lend a helping hand to people we love.
[Related: Helping Domestic Violence Victims Create Financial Security]
Research shows that blacks face this challenge more than other groups. A survey by Prudential Research finds that African Americans provide financial support to extended family at a higher rate than the overall population.
Black Enterprise Senior Editor Stacey Tisdale provides tips that will help you if you’re struggling with the pressure to lend.