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UK consumers 'turning to friends for cash'

Many people in the UK are planning on turning to their friends and relatives to borrow money in light of the credit crunch, it has been claimed.

According to research conducted by Friends Provident, 7.5 million people are planning on asking their loved ones for money this week.

This should be avoided, however, the company warns, as over a quarter of people who leant money to their friends did not receive their money back, according to the Friends Provident survey.

James Ward, director of marketing at Friends Provident, said: "The credit crunch is already impacting on consumers, both financially and psychologically.

Our research found that 40 per cent of people are worrying more about their finances because of the credit crunch."

Other UK consumers plan to form a budget, limit spending and cut back on socialising in order to save money.

According to moneysupermarket.com, 27 per cent of people in the UK secretly spend behind their partner's back, while nine per cent are in debt but have not told their spouse.

See how much you could borrow with an unsecured loan from Lombard Direct.

© Adfero Ltd

18/02/2008 09:33:24

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