Three in five Brits have money rows
More than 71% of Brits borrow money from family members or friends, according to a poll of UK credit professionals by the Credit Show.
The research also revealed that nearly three in five of them have also fallen out with their family or friends because of this borrowing.
It is no news that many Brits are up to their eyes in personal debt, but one source of borrowing that is never really documented, is the amount of people who turn to family and friends to help them out. The poll showed that even financial professionals don’t escape the British debt culture, with nearly three quarters having to ask family or friends for money, with 38% of them borrowing up to £500 and 25% of them borrowing over £1,000.
Kelly Stanley, spokesperson for the Credit Show, said: “We know that Brits like to spend, but this poll shows quite clearly how many of us are having to borrow off friends and family in order to pay off debts or fund lifestyles.
“With interest rates currently at a high level and the credit crunch beginning to bite, I’m sure we are likely to see more of this over the next year or so. With a quarter of people admitting to borrowing over £1,000 within the last year, and with nearly 60% falling out with their family and friends, our poll highlights the seriousness of the matter.”
It is no surprise then that when these same respondents were asked if they would lend to or borrow from family or friends again, over 65% answered either ‘maybe’ or ‘only in an emergency.’
Stanley concludes: “With family or friends there is a tendency for people to be more relaxed with repayments. In fact, the poll also revealed that 58% of people admitted that no legal agreement was ever in place concerning repayment. If you borrow from friends and family but fail to pay them back, you could lose their friendship and support – which should be worth more than the sum borrowed in the first place, but sadly this isn’t always the case.”