Just curious to get thoughts on this scenario. I have quite a bit of extra savings that is not accruing any interest at the moment (major European bank). I was thinking of purchasing a small apartment in the next three or four years, but with home prices approaching what seem like bubble levels, I've decided to wait.
A very close friend has some debts accumulated from an unlucky business venture that he started and failed. I was thinking of loaning him the money (20.000) so that he could pay off the debt and pay a much more reasonable single interest rate to me. He is employed now with a steady income, but the interest and pressure of those loans is really weighing on him.
Just wondering, what are people's experiences/feelings with loaning to friends/family in such amounts with official terms and conditions?
And, yes I thought about the consequences if it all goes wrong, and I can continue to live without that sum dramatically impacting my well being.
Submitted October 28, 2021 at 07:56AM by b_12354 https://ift.tt/3Cpz4kk
