Borrowing from friends affects both young and old
December 19, 2007 by admin
Filed under News, News-Loans
Both young and old are liable to borrow money from other people says a financial expert. 
Research from online company Paypal reveals that “the person we turn to most for borrowing money is our mother”, while 16 per cent of UK consumers have fallen out with family members after lending money to them.
The findings also showed that there is “a huge chunk of us” that go to our friends to borrow money. This means the closer a person is to someone the more likely they are to borrow from them, claims Paypal.
Cristina Hoole, a spokesperson for PayPal, said: “The key thing is that if you do borrow money or if you lend money, that shouldn’t affect the relationship that you have with that person.”
“So make sure you don’t create a risk, especially over money, it’s not really worth it,” she concluded.
Research from YouGov showed that the average amount people in the UK have lent to friends and family in the last 12 months is £898.52.
