INDIANAPOLIS Would you charge your kids interest if you loaned them money? A new survey suggests more parents are saying yes.
A study by MarketBeat.com found that some parents across the country are charging their adult children interest when they borrow money. Nationally, the average interest rate is 5.1 percent, while Indiana parents reported charging about 3.8 percent. Thats well below the national average of more than 11 percent for personal loans.
Some Indiana families say lending money is not part of their approach. Amanda McNeely, who has two children, ages 19 and 15, said she focuses on teaching the importance of saving instead.
As a family, we have a budget for certain things, McNeely said. I think teaching them, If you dont have the money for something, you cant get it, is a m