Borrowing from Family

Borrowing money from family can present a myriad of problems including causing serious damage to the relationship. That's why the borrower often puts a lot of pressure on herself to pay the debt back as quickly as possible. Don't let your emotions interfere with your plan to get out of debt, says CNBC personal finance expert Carmen Wong Ulrich. Focus on paying your debt with the highest interest rate first. Once you've paid done that, devote the money that you were using to pay off your credit cards to pay back your family.

 
Like this? Want more?
preview
Connect with Us
Follow Our Pins

Yummy recipes, DIY projects, home decor, fashion and more curated by iVillage staffers.

Follow Our Tweets

The very dirty truth about fashion internships... DUN DUN @srslytheshow http://t.co/wfewf

On Instagram

Behind-the-scenes pics from iVillage.

Best of the Web