Soft Heart, Hard Choices
If you lend your credit card to a friend in financial need, trying to be helpful, there's a decent chance that you'll end up with increased debt – and possibly an ex-friend.
A recent survey by CreditCards.com found that 49% of Americans that have owned a credit card at any time have loaned their card to others to use – including family members, co-workers, and friends. Of that group, 35% suffered some type of negative consequence. Overspending was reported by 19% of card lenders, while 14% of card lenders were never repaid for credit card charges. Even sadder: 10% never got their card back at all!
The survey results imply that approximately 36 million Americans have experienced problems when loaning out a credit card. Are you in that group? If so, would you take the same risk again? We suggest looking for alternatives and considering why a person wants to borrow your credit card in the first place.
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