Friends and family borrowing on the rise, reveals charity

Money News

www.moneynews.co.uk > Debt > Friends and family borrowing on the rise, reveals charity

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Friends and family borrowing on the rise, reveals charity

Close to one in five people (18 per cent) owe money to either their family or friends, the Consumer Credit Counselling Service (CCCS) has revealed.

Struggling to meet stringent credit conditions during the recession, the CCCS believes that many people then turned to peers and loved ones, with the average figure of money owed at £3,530.

"Borrowing in this way can place an enormous strain on friendships and family relationships, and should be considered very carefully," advised Delroy Corinaldi, the bankruptcy advice charity's director of external affairs.

However, the charity also revealed that this figure only represented around one sixth of its typical client's debt. Average unsecured arrears are reported by the charity to total at £22,476.

Yvonne Goodwin, an independent financial and advisor at Yvonne Goodwin Wealth Management, encouraged people not to "bury their head[s] in the sand" when faced with debt but to seek help from a charity such as the CCCS.

Click here for more debt newsADNFCR-323-ID-800694102-ADNFCR

Related News : Debt

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet