In these days of financial crisis and job outlook, nothing is certain with your finances. You may even look to borrow money to support your living costs, mortgage, car payments, investments or any other item you have to pay off which you most likely will come across. So it’s important that when you are borrowing money, be it either friend/family or a big organization like a bank that you follow 3 simple rules to reduce any chance of you being ripped off or exploited or that you can go into further financial debt or trouble.
1. Make sure you can pay it off. When borrowing any money, it is important that you are able to return the money that you have borrowed. If you borrow too much, such that you can never possibly return the money, you may see yourself in never-ending debt and financial hardship. So it is important that the money that you are lent, you can pay back. Either by monthly payments, quarterly/bi-annually or any other plan that you are able to achieve to pay back the money.