UK Money News
14th December 2007
Friendships 'can be damaged by lending'
As many as ten million people in the UK have fallen out with friends and family over money, it has been reported.
New figures from personal finance payments firm PayPal suggest that the help with money handed out to loved ones reached a collective £26 billion this year.
As much as £6 million was lent to "best friends" - although figures were not provided on how many friendships were left unscarred by the process.
Meanwhile, borrowing in the form of a loan from a personal finance provider does not have the emotional complications that accepting funds from the nearest and dearest does.
Cristina Hoole, PayPal UK spokesperson, comments: "Everyone will, I'm sure, have either borrowed or lent out money to friends and family, often on the spur of the moment, however as the study has shown these potentially small amounts of money can soon add up. On average we're each owed almost £900."
In related money news, the firm recently published data suggesting that food and drink was at the top of most people's Christmas shopping lists this year.
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