UK Money News
18th December 2007
Avoid risking security by bailing out others
Consumers should be careful to avoid getting into trouble with debt themselves in an attempt to provide help with money for friends and family.
Such is the advice of online payment services firm PayPal, which states that it is a risk taken by people who habitually offer money to help out those around them.
Cristina Hoole, a spokesperson for the firm, remarked: "You need make sure that you're not getting yourself into debt by being the one that lends money to everyone else around you."
She added that equally it was very possible for people seeking help with finance to borrow small sums from friends and family and finding that such lendings add up to larger debts.
The money news follows recent data from the firm which suggests that 48 per cent of people have lent money to family and friends within the last 12 months.
It also indicates that 16 per cent of the UK population has fallen out with its friends and family as a result of having borrowed money.
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