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Taking a Loan From Family is Risky for Lender and Borrower, CNBC Survey Finds

Given a choice between maxing out a credit card or borrowing from family, lower-income households and people of color were more likely to take a loan from a relative, a CNBC Invest in You and Acorns Savings Survey found.

When the credit card company says no, the “bank of family” just might say yes.

Given a choice between maxing out a limit on a credit card or taking a loan from a family member, lower-income households and people of color are more likely to turn to relatives, according to a CNBC Invest in You and Acorns Savings Survey.

Among participants with household income below $50,000, more than half said they would ask to borrow from a family member.

Further, 51 percent of black participants who took the survey said they would ask a relative for a loan, while nearly 6 in 10 Hispanic respondents said they would prefer to turn to family.

The survey was conducted for CNBC by SurveyMonkey in March among a national sample of more than 2,300 adults.

White participants and higher-income households were more inclined to max out their cards. More than half of the people in both cohorts said they would prefer plastic to borrowing from relatives.

Read more here.



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