There are some people you should never borrow from. People that will cause bodily harm, nosy family members and that person that will never leave you alone. It’s called ‘mob debt’. And, you should pay it first as you follow the SmartPath Debt Payoff Plan.
Mob debt is not a collections agency. Instead, it’s owing money to people you know. These people will, in some way, always be in your life. Owing them money makes you uncomfortable and alters the relationship. It eats at you daily. You know you have mob debt when…
- You can’t wear new clothes around this person because they will ask where you got the money.
- You can’t invite this person over to your house because they raid your fridge and feel entitled to everything you own
- You can’t discuss money in front of this person because they will tell everyone that you owe them.
They’re not bad people. They loaned you money when you needed it. But, you don't want to stay indebted to them. If you have mob debt, pay it.
What are your experiences with mob debt? How do you handle borrowing money from friends or family?