Brits Helping Out Families And Friends With Loans

Mon, 20 Oct 2008

New research has discovered that millions of Brits are choosing to lend money to their families and friends despite having to cope with rising living costs driven by the credit crunch.

A new report by AA Personal Loans revealed that British residents lend an average of £607.22 each time, but only half actually receive their money back.

The lender found that 6 per cent are too embarrassed to ask for their cash back, while 11 per cent said they feel too uncomfortable demanding a return.

Mark Huggins, head of AA Personal Loans, said: "Brits are clearly extremely generous when it comes to lending money, with large sums of cash being loaned to family members and friends for everything from house deposits to holidays ."

"To help ensure their relationships do not suffer, people ought to consider choosing the competitive loans still available on the market instead," he advised.
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