Families warned over loan debt
Published On 18 December 2007
People in the UK are being urged to take care when loaning money to friends and family members as it can be difficult to get the money back.Cristina Hoole, spokesperson for PayPal, said that it is easy for people to 'forget' to repay loans from people they know well.
According to PayPal figures, some 48 per cent of people in the UK have lent cash to friends or loved ones in the last 12 months.
"All of this money is real money so just because we've borrowed it from a friend, a colleague or a family member doesn't mean that we don't have to pay it back," she said.
"Equally if you have lent the money, you need to find ways of getting that money back because we tend to forget."
Ms Hoole added that many people can be too embarrassed to bring up the subject of money owed but that it is essential people do not get into debt themselves through lending.
According to the survey, 16 per cent of people have fallen out with those close to them over money.
