Isn’t it annoying when you lose track of how much you lent your friend, or they lent you, and the two of you are put in the awkward situation of disagreeing on how much was owed?

This kind of casual lending is very common. Roommates usually split bills on repairs and utilities, and sometimes for take-out and groceries. Small-personal-loans/IOUs are often extended in these kinds of circumstances.

Or when someone needs to pay for something with cash, like a cash-on-delivery package delivery, and they don’t have cash on hand, a friend, roommate, partner, etc will often cover the payment until the individual can withdraw the cash and pay them back.

Another common source of IOUs between friends is nights out. A group of friends who go for a night out usually split bills for dinner or on drinks at bars and pubs. One individual within the group of friends will often pay the entire bill and everyone else will keep track of how much they owe the bill payer. 

These IOUs can easily be forgotten and misremembered if not tracked. But is there a way to track IOUs that is both reliable, and quick and easy enough to not be too much of a hassle to use?

There is: a personal currency! 

By issuing a personal currency that represents how much money you owe, and transferring units of it to your friend any time you borrow money, you can make tracking how much money you owe nearly effortless.

A micro-currency wallet makes the creation of personal currencies fast and easy. Once you and your friends have downloaded a micro-currency wallet on your phones, all you need to do is each create a personal currency, and anytime one of you borrows money from within the group, you transfer units of your own currency to the person lending the money. 

Even if someone deactivates their micro-currency wallet, the IOUs they issued to their friend would still show in their list of currencies on their friend’s micro-currency wallet, so the record of the debt would still be there. The only way the IOUs would not appear on the friend’s list of currencies is if the friend transfers the IOUs back to the borrower, when the borrower pays their friend back and settles the debt.

So to summarize: a personal currency is the perfect tool for friends to keep track of small-loans/IOUs. With the launch of a micro-currency wallet, it is now incredibly easy to create a digital currency, so you can begin experimenting with different uses for your own personal currency.