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Uncomfortable Conversations: Borrowing money from family can be awkward. Here's advice.

Borrowing money from family is awkward enough. But borrowing money from your parents when you are in your 60s is humiliating, Sherrie Palm told me. Palm of Mukwonago, Wisconsin founded the nonprofit Association for Pelvic Organ Prolapse Support in 2010.
The article from MSN discusses the complexities and potential awkwardness of borrowing money from family members. It highlights that while borrowing from family can be a convenient solution during financial hardship, it often comes with emotional and relational strings attached. The piece offers advice on navigating these situations, suggesting clear communication about repayment terms, setting expectations, and maintaining transparency to preserve relationships. It also advises considering the impact on family dynamics, the importance of treating the loan with the same seriousness as a bank loan, and the potential for creating or exacerbating family tensions. The article emphasizes the need for a written agreement to avoid misunderstandings and stresses the importance of gratitude and acknowledgment of the help received, even if repayment might be delayed.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/family-and-relationships/parenting/uncomfortable-conversations-borrowing-money-from-family-can-be-awkward-here-s-advice/ar-AA1xSGKN ]