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More money, more problems, rapped The Notorious B.I.G.
once upon a time.
And it seems not much has changed since then.Moneycan cause some serious issues, especially between friends and family.
One manhad a fall-out with his cousin over inheritance and theyre no longer speaking.
The cousin had gone against advice and bought a ludicrously expensive house that he couldnt afford.
More than a thirdhadnt been paid back.
While just under a quarter regretted their decision to help.
Monthly housing costs and vehicle expenses were the top reasons people borrowed money.
Investopedia says its important to consider how lending money to a relative could impact your own financial situation.
Experts warn there can be tax implications when it comes to gifting money to someone.
There are no tax implications with loans because youre (supposed to) get the money back.
But its crucial to have a contract in place.
Many people entered whats known as forbearance.
Its when a bank lets you temporarily stop paying your loans.
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