Secured loans could help with excess borrowing
18/12/2007People are increasingly happy to borrow from friends and family despite the fact that this can lead to further debt, according to a spokeswoman for PayPal.
More people may be getting themselves into a position where they may need to consider debt consolidation or secured loans - as one expert suggests this week that the stigma of borrowing from friends and family is rapidly disappearing.
Cristina Hoole of PayPal said this week that consumers are often happy to borrow small amounts of money from friends and family but warns that this can soon add up.
"All of this money is real money so just because we've borrowed it from a friend, a colleague or a family member doesn't mean that we don't have to pay it back," she said.
She concluded that as it is often difficult to bring up the subject of debt repayment, people should make sure that they are not the one that "lends money to everyone else around you".
Many people choose to opt for secured loans or debt consolidation as often this can be a simple way to reduce outgoings and combine repayments in to one monthly amount.
 © Adfero Ltd
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