“Alternatives don’t add up”
August 9, 2009 | alternatives, industry | Comments (0)Larry Meyers’ latest piece at Bloggernewsnetwork:
Let’s examine Straughter’s “alternatives”:
“Ask a family member – this costs nothing more than some pride and they will be a reliable source in the future should this rare occurrence happen again. Just remember that if you do not pay them back then it is a relationship at stake, not just excessive fees.”
Well, Steve, a lot of people apparently put a high cost on pride — a cost higher than a payday loan. Furthermore, who is to say a family member will be a reliable source for future loans? They are, in fact, more likely to get annoyed with their relative constantly asking them for money. Many families need multiple short-term bridges each year. And, as you say, a relationship is at stake — whether you pay them back or not. Perhaps you’ve read Shakespeare, who had something to say on this matter: “Neither a borrower nor a lender be, for a loan oft loses both itself and friend”.
The whole thing is a great read.
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