/24-7PressRelease/ - LONDON, UK, June 07, 2006 - According to the new research, the amount Brits borrow from their friends and relatives could reach up to 65 billion.
According to Cahoot, over a third of Brits populations owe money with an average debt amounting to 3,704. The company also found that the money lent by the population also came with difficulties.
The company reported that one in five of indebted population felt guilty for taking loans from their friends and relatives. 13% of the population felt obliged to lend money back at a later date and 10% of them said that they had to pay back the loan rapidly as their relatives needed the money back.
According to John Goddard, managing director of cahoot, borrowing money from friends and family is commonplace. But problem starts when people start borrowing a large sum of money in addition to personal loans, overdrafts and credit cards. This practice can really put a huge burden on monthly budgets and personal relationships as well.
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