Millennial Money: A loved one owes you money. Now what?

By LAUREN SCHWAHN of NerdWallet

You lent money to a friend or family member in need and they haven’t repaid the debt. Collecting money that a loved one owes you can be difficult and uncomfortable. What’s the best way to handle the situation? There are a few strategies you can explore to help you find the right solution. First, kindly follow up with the borrower. Then, you can work out a repayment plan together, choose to forgive the debt or take legal action if absolutely necessary. Experts say that each option has different consequences you’ll need to carefully consider.