<< Most Recent Articles

Borrowing Brits 'fall out over money'

Lending money to family members or friends can often lead people into financial problems and result in serious disputes, new research has found.

According to a survey by PayPal, a total of £26 billion has been lent to family and friends by UK people in the last 12 months, with 48 per cent of the population giving out loans to their nearest and dearest.

However, the study also discovered that 16 per cent of Britons have fallen out with others over borrowed money, suggesting that a personal loan may provide a better way for people to manage their finances.

"Lending and borrowing money when family members are involved can get difficult," said spokesperson for PayPal UK Christina Hoole.

"Everyone will have either borrowed or lent out money to friends and family, often on the spur of the moment. However, as the study has shown, these potentially small amounts of money can soon add up," she added.

The survey found that the average Briton who has recently lent money to friends or family is owed £898.52.

A separate study by PayPal recently found that food is the most popular Christmas purchase for UK shoppers.

See how much you could borrow with a personal loan from Lombard Direct.

© Adfero Ltd

14/12/2007 16:41:51

Most Recent Articles