Study Reveals Brits High Level Of Lending To Friends And Family

Fri, 14 Dec 2007

The British public have lent a staggering £26 billion to friends and family over the last twelve months, a new report has revealed.

A study by online payment website PayPal also revealed that £6 million has been lent by people to their best friends in 2007.

Christina Hoole, spokesperson for PayPal UK, commented: "Everyone will, I'm sure, 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."

Hoole added that on average, a person in the UK is owed nearly £900 and that people should be looking to "call in some of those unpaid loans rather than relying on credit to see us through", especially with Christmas nearly upon us.

In addition, Paypal UK found that over nine million people in Britain have fallen out with members of their own family due to money lending situations.

PayPal was founded in 1998 in the US and offers online payment solutions .
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