/24-7PressRelease/ - LONDON, UK, June 10, 2006 - Every third Brit is involved in borrowing money from friends and relatives apart from the personal loans.
A new research revealed that the amount Brits borrow from their friends and relatives could reach up to 65 billion.
A report from Cahoot reveals that over a third of Brits owe money with an average debt amounting to 3,704. Company has also found that the money lent by the population came with trouble.
The company reported that one in five of indebted Brits felt embarrassed for taking loans from their friends and relatives. 13% of the Brits felt obliged to lend money back at a later date and 10% of them said that they had to return the loan quickly as their relatives needed the money back.
John Goddard, managing director of Cahoot said that, borrowing money from friends and family is usual. But problem begins when people start borrowing a large sum of money in addition to personal loans, overdrafts and credit cards. This exercise can really put a huge burden on monthly budgets and personal bonds as well.
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