Debt - PayPal: Borrowing holds no stigma - 18/12/2007

 
 
  Borrowing money from friends carries little social stigma, online payments company PayPal said yesterday.

This comes in the wake of the revelation that, according to YouGov, 48 per cent of the population in the UK have lent money to people they know over the past year.

The average lending amount also stands at an impressive £900, the pollsters found.

Spokesperson for PayPal Cristina Hoole said: "I don't think there's a stigma anymore - [it] just shows that we are feeling a little bit more stretched and turning to alternatives, i.e. our friends and family.

"We need to be a little bit careful and if you are owed money there are simple ways of getting it back, including just asking for the money back or, as we are proposing, you can use your Paypal account to request the money with an email."

Negative fallout from going into debt with your nearest and dearest is a real problem in society, however.

According to YouGov, five per cent of the population - or, 3 million people - have fallen out with people they have lent money to so badly that they have yet to make up with them.


 
     
 
 
  27/08/2008 - Middle class debt fuels fresh bankruptcy fears. . A new study has suggested that Middle class families in London and the south-east...
21/08/2008 - UK debt out of control, may hit £80bn. . As the credit crunch bites harder and the UK economy faces slowdown, there are...
07/08/2008 - Job cuts plunge workers into debt. . As the UK drifts further into economic slowdown and many people are rendered unemployed...
 
  Quick Debt Guides. This is where money is owed to the lender and is an obligation to the...
Debt Consolidation. Depending on your level of unsecured debt, debt consolidation (consolidating all existing debts into a...
Individual Voluntary Arrangements. Advantages No publicity (no public notices or advertisements). Avoids the stigma of bankruptcy....
 
  01/07/2008 - Credit Card debt surges. . A new report shows that credit card debt has surged to its highest level...
29/06/2008 - Are Lenders to Blame for Our Debt Culture?. . In Britain, about 15 million people are collectively in debt to the huge some...
26/06/2008 - BoE's neutral affect during the credit crunch. . The Bank of England has recently come under criticism from other lending institutions, such...
Debt Advice
Mortgage Advice Call our debt advisers
0800 1777 197




Only Finance Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 466941. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05640662. Telephone 0207 377 1805.