Britons borrow £4.4 m from friends each year to see them through to pay day or pay off personal debt and then fall out about it according to the latest research from Abbey.
It showed the main reason for borrowing from a friend, 36 per cent of people, was a cash advance until pay day. A further 26 per cent said it was to pay off personal debt, while 7 per cent said it was for a holiday, buying a car or home improvements.
But 3.5m Brits, or 28 per cent, also admitted falling out with a friend over an unpaid debt.
Chiltern’s Nathan Gladwell says “People borrow millions of pounds from friends each year to see them through to pay day and service their personal debt and thousands fall out in the process.”
“Instead of risking friendships people should seek professional advice if they’re struggling to keep up with personal debt.
“Borrowing from friends and family can only really be a short term fix.”
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