The dos and don'ts of lending money
What do you do if a loved one asks to borrow a big sum of money from you? Experts weigh in on when it's OK to fork over the cash — and when you should probably say no.
Michelle Singletary and her husband used to lend money to her friends on a regular basis, until one incident "taught us a lesson," she says.
They lent money to a couple in their circle who didn't pay them back on time. "Then we attended a party at their house and noticed this new, big-screen TV. And we're thinking, 'so you can buy a $1,500 TV, but you can't give our money back?' "
Singletary, a personal finance columnist for The Washington Post, didn't like that she was pocket-watching her friends. "So my husband and I decided we would only give money we didn't need to get back."
Lending money to friends and family is on money management, including
