Survey No.3: If you need money in an emergency, will you...

60% of respondents would borrow using credit card; 20% would borrow from a friend; 10% would pawn jewelleries and another 10% would think of none of the options given. Does it mean most people dreads borrowing from a relation?

One of the reasons why I wonder about this is the fact that the younger generation seems to treat borrowing as nothing but ATM facilities among them. They tend to lend and borrow very often whereas my generation would treat it as a last resort when desperately in need of cash. I personally feel that once you borrow from a friend, his respect for you dropped a few notches immediately, no matter what was said about 'Don't worry... it's a small matter... pay when you can, etc.' I have heard enough of what was said soon after, behind someone's back, especially if a serial borrower! In fact, when faced with serial one, some people would immediately talk about his own recent financial problems before he has the opportunity to ask! Whereas, facing a one-off appeal, we have heard the common reasoning of 'lending with an immediate mental 'write-off' hoping that he would be embarrassed to come again'.

UOB credit card has been sending me a cheque for a few thousand ringgit with my name as payee, and another blank cheque for me to fill it (with limit and conditions, I suppose), at a reasonable interest rate of 12% p.a. I am still keeping for just in case! If I am faced with a temporary cash problem and I am too proud to ask my family members, this seems like a quick solution without the danger of borrowing from a loan shark! No, that would be too far fetched because if necessary, I would rather forgo a bit of pride than to resort to entangle with someone who prospers at others' miseries.

Pawning jewelleries seem old fashioned and used to be practised by housewives when faced with immediate need to feed the family, for instance. I know of someone who is a regular at pawn-shops because he worked irregularly – buy jewellery when he had money, and pawn when he needed money!

Whether to borrow from friends or relatives would normally depend on the relationships. Some people would rather borrow from friends than relatives, some would not even consider borrowing from spouse!

I wish to thank those who participated in my little survey.

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