Americans see spike in borrowing from friends, family: survey

The hill ^ | 05/02/2022 | Olafiamihan oshin

[ChicagoConservative27]

A new poll finds more Americans are borrowing money from family and friends than they were a year ago.

According to Census Bureau’s Household Pulse Survey, 25.6 million people, or more than 10 percent of U.S. adults, had to rely on their support network for financial backing, up from 19.1 million a year

Fourteen percent of respondents who identify as millennials said in the survey that they borrowed money from their family members and friends, a 3 percent increase from April 2021.

[ChicagoConservative27]

Then stop voting for garbage and things might change

[brianl703]

Some people are professional sponges.

[Openurmind]

“Some people are professional sponges.”

Yep... Good on you! Stand your ground against your kids and Grandkids! Because it is coming.

This is going o be a real test of clan blood. Before it is over we will have multi-generational households like third world countries.

Well that is if you care at all about your own clan of course.

[deport]

Then stop voting for garbage and things might change

**************

The problem is not all people across the nation have the same
definition of garbage. What you, I or someone else thinks is
only a small part of the population. And hopefully we can
keep it that way as opposed to total gov’t control. jmo

[brianl703]

Usually the professional sponge’s own family is wise to them and has cut them off, so they try to sponge of their “friends”.

They also tend to be collecting SSI (disability) and are really, really bad at managing their money.

I’ve often thought that they ought to dole out the payments weekly instead of once a month so the recipient can’t blow it all in a few days.

[rellic]

I had only two people in my family I’d loan money to. One is now dead.
I usually set up a system, where I’d pay their utilities, or set up a tab ( with a limit) at the market.
In other words if you need my help, I’ll decide how my money is being spent.
Amazing how little I’m asked for help.
That would really work on our welfare system.
They get what they need, but on our terms, not theirs.

[ro_dreaming]

I just loaned my brother $3000, and my sister $200.

This is on top of loaning $3000 to a friend a year ago (not a dime paid back), or the $1000 to another friend about the same time.

I have essentially decided if I have it ‘spare’, and my family or close friends need it (rent, etc.), then I’ll ‘loan’ it, but expect to not get paid back. It’s just safer, and that way “neither a borrower or lender be” is true - I’m giving it to them, and if they give it back cool, if not, cool.

[max americana]

My dad told us when we hit 18 that if he hears that we asked and borrowed money from anyone outside the family that he will strangle us.

That’s why even when I had a half-scholarship at Stanford, I still worked part-time. It came to a point that my mom would call and ask “how come you’re not asking for money? Are you all right?”

[max americana]

At a younger age, if someone asks me to spot say $20< I would never give the full amount but around $5. If you cant pay me that 5 bux, then good thing I didnt give the full amount.