Generous Brits are at risk of losing £9.1 billion to their mates | Debt Advice Foundation

Generous Brits are at risk of losing £9.1 billion to their mates

Half of those who lend to friends and family say they won’t get it back

According to price comparison site Finder, people across the UK loaned £16.6 billion to friends and family last year, but 55% don’t believe they will get all of their money back.

The report states that 24.5 million had given out more than £10, with 620,000 incredibly nice people lending more that £10,000, making the average amount lent around £320 per person.
David Roger, CEO of Debt Advice Foundation said;
“Whilst it’s always nice to help someone else, you should only lend money that you can afford to lose. Assume that they won’t pay you back and work out if that would cause you problems before making a lending decision.”

Click here to read the rest of the report 

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