National Day

National Pay Back a Friend Day Observance

Bank of America designated October 17 as the National Pay Back a Friend Day After conducting an in-depth study of how money affects interpersonal relationships. The study called “Friends Again Report” found that 53% of participants ended their friendship after borrowing money from a friend and never got repaid. As a way to solve this problem, the “National Pay Back a Friend Day” was created. So on October 17, put away your unpleasant emotions, open your mobile payment application, and start paying back to your friends.

How to observe the National Pay Back a Friend Day

Repay a friend

Obviously, the best way to celebrate National Giving Back to Friends Day is to give back to friends. Thanks to all the apps these days, it’s easy to find someone and it’s easy to give them back.

Repay, find Different Way

Provide them with free babysitting services. Or the dog sits. who cares. Be sure to admit that they lent you money-and thank them for helping you.

Organize your finances

Take National Giving Back to Friends Day as an opportunity to find out other debts you may have (credit cards, money you may owe family members, student loans, etc.) and make a proactive plan to deal with them.

National Pay Back a Friend Day Photo
National Pay Back a Friend Day Photo

Some Reasons to Separate Friends from Money

IOUs can leave a friendship MIA

Nearly 80% of Americans believe that owing money to friends is not good for their friendship.

Millennials have a bad reputation

Many people believe that millennials are the people most likely to not give back to their friends.

Obviously, friendship comes at a price

Nearly half of Americans are willing to end their friendship because of money.

People have lost thousands of friends

People claim that the amount they lent to friends but never repaid averaged $2,092.

Why is National Pay Back a Friend Day important

Debt causes stress-this helps relieve stress

Losing friends because of money is a kind of pressure. This day puts us on the path of healthier friendships and finances.

It helps to improve your communication skills

It is difficult to talk about money-especially with friends. National Giving Back to Friends Day reminds you to step out of your comfort zone and admit your feelings of embarrassment.

It can help make up for lost friendships

If you feel guilty for losing your friends due to financial problems, National Pay Back a Friend Day is the best time for this. If things don’t go according to your plan, at least you know that you have tried it and you can rest assured.

National Pay Back a Friend Day Image
National Pay Back a Friend Day Image

Some Money Related Causes That Ruin Friendships

Borrow Money

The reason there are so many famous sayings about lending—for example, William Shakespeare’s “Neither a Borrower nor a Lender”—is because these suggestions are proven. One of the fastest ways to destroy a friendship is to lend money to a friend.

Don’t Borrow Money

You are having trouble with the ATM and this machine, because if your friend does not pay the money, lending money to the friend may destroy the friendship. However, if your friend desperately asks for some financial help and you refuse, this friendship may also deteriorate.

Default on Loan from a Friend

If a friend lends you money when you are in financial trouble, that is a good friend. So, if you don’t pay back the money, it’s a slap on the friend who stepped forward to help you solve the problem.

Get a Loan Based on a Lie

You may already know that you should not lie or falsify the documents in your loan application on issues such as income and employment because this kind of deception is considered fraud and may put you in legal trouble. However, lying to a friend in order to obtain a loan has a series of consequences.

Late Payment

There is nothing worse than a lifeless friend borrowing money at a critical juncture and then suffering from amnesia when repaying the loan. No one wants to chase after a friend the money he owes.

Conclusion

So in conclusion we can set that when you borrow money from a friend and spend a long time paying it back, the seeds of resentment are planted. When they sprout, it will be a big battle—and possibly the end of a friendship.

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