UK Money News
18th December 2007
Stigma of borrowing 'has dissipated'
In modern society, there is no shame attached to borrowing money from family and friends, it has been claimed.
Online payment services company PayPal has conducted research that suggests many people are now happy to seek help with finance from those around them.
The personal finance firm states that as people are feeling more fiscally stretched they are looking for other sources of help with money than traditional means, such as bank loans.
Cristina Hoole, a spokesperson for PayPal, said: "To be honest £26 million is what we owe or are owed and that just shows that we are feeling a little bit more stretched and turning to alternatives, i.e. our friends and family."
The money news is supported by figures from the company which indicate 48 per cent of the UK population have lent money to friends in the last year.
However, lenders are not always content with the way that their benevolence is received, with 16 per cent claiming that they have fallen out with family members over such borrowing.
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