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re: Greedy or Generous? What says the OT
Posted on 3/12/14 at 9:53 am to Random LSU Hero
Posted on 3/12/14 at 9:53 am to Random LSU Hero
quote:
9000.00+ in debt at 15% interest
Good God. My student loans were in the 3% range and I thought that was high.
0
Posted on 3/12/14 at 9:53 am to Random LSU Hero
good idea if she can make the payments.
I would have no problem charging interest to family either...most people that say it's a dick move don't understand how time-value of money works.
seems like a win-win for both of you
I would have no problem charging interest to family either...most people that say it's a dick move don't understand how time-value of money works.
seems like a win-win for both of you
Posted on 3/12/14 at 10:01 am to Geauxld Finger
i would do it but at 3 or 4 percent, that way its a big savings for her and you're at least making some money
Posted on 3/12/14 at 10:13 am to Random LSU Hero
quote:
She has 9000.00+ in debt at 15% interest.
So clearly credit card debt, not student loan debt.
Why doesn't she take out a student loan at the standard fixed rate of 6.8% to pay off the credit card? Why doesn't she get a new credit card with a better rate and do a balance transfer? I think 7 points for a family member is a bit high.
Posted on 3/12/14 at 10:16 am to Random LSU Hero
quote:
9000.00+ in debt at 15% interest.
This makes no sense.
Posted on 3/12/14 at 10:18 am to Hu_Flung_Pu
quote:
risky. Could ruin relationship. If she decides not to pay what are you going to do
Posted on 3/12/14 at 10:21 am to Random LSU Hero
If it was my sister I would give 0%. But thats my sister. She would never take it though. She is paying 8% for a car she just bought but she is atlease helping her credit. Her credit score won't go up with me taking on her loan
Posted on 3/12/14 at 10:22 am to Geauxld Finger
quote:
you're going to buy debt from your cousin for profit? you sound like an a-hole
Posted on 3/12/14 at 10:23 am to Nado Jenkins83
quote:
Her credit score won't go up with me taking on her loan
a co signer with good credit could have got her a better rate
Posted on 3/12/14 at 10:24 am to Nado Jenkins83
quote:
She is paying 8% for a car she just bought
jesus... why?
have her refinance through a credit union and cut that in at least half.
Posted on 3/12/14 at 10:26 am to Random LSU Hero
Do it. I had an uncle do this for me when I was in college for my first car. I paid him 1% more than the cd rate for a similar term. It was the first bill I paid every month and worked out perfectly. He later did the same for my sister.
Posted on 3/12/14 at 10:28 am to Random LSU Hero
never mix family and finances
NEVER
NEVER
Posted on 3/12/14 at 10:29 am to Random LSU Hero
Sounds fair considering you are cutting her rate by almost 1/2.
Posted on 3/12/14 at 10:31 am to LSUSoulja08
quote:
money and family shouldn't mix this way
Posted on 3/12/14 at 10:32 am to jbgleason
quote:
If you do this, you are an idiot. NEVER enter into a loan/business type arrangement with a family member and not expect to get screwed and/or cause family turmoil.
Posted on 3/12/14 at 10:33 am to CajunAlum Tiger Fan
What happens when she wants to claim the interest on her tax return? How are you going to handle the taxes you have to pay on the 7% you would be earning. Where is she going to get the money to pay you while she's in grad school? If she has to take out more money to go to grad school, I wonder which loan she would default on first. Yours or the banks? I wouldn't do it.
Posted on 3/12/14 at 10:34 am to VetteGuy
quote:
9000.00+ in debt at 15% interest.
This makes no sense.
Sounds like a bunch of cash advances. She on drugs.
Posted on 3/12/14 at 10:35 am to guttata
quote:
What happens when she wants to claim the interest on her tax return?
interest on consumer debt is not tax deductible...on student loan debt it is but considering this would be a family deal done in cash, I doubt they are very worried about the tax implications
Posted on 3/12/14 at 11:04 am to Displaced
quote:well start taking her possessions, is an idea.
what do you intend to do if she doesn't/can't pay off the loan anymore?
This post was edited on 3/12/14 at 11:05 am
Posted on 3/12/14 at 11:27 am to Random LSU Hero
If you buy that loan she'll make two payments. Owing family is not equal to Owing financial institutions.
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