A friend wrote, few years ago she tried to save his brother from financial failure. He owned a car that was about to be repossessed. She decided to pay off his car with her personal loan account with the guarantee that he would make the monthly payments.
The original $18,000 loan is now up to $27,000 with cash advances and interest! Her brother made a few token payments at first, but that was not enough to even offset the cash he had advanced him. Her brother has not talked to her in two years.
The lesson learned is that repossessed is okay, and if she had allowed it, she would still have a brother and most important no personal debt. She will never again loan money to anyone again.
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