Hard-up families are borrowing money on a regular basis
to pay their bills and keep their heads above water. Most are taking out loans
with family and friends, but the ease, speed and flexibility of this
arrangement comes at a cost – the embarrassment of asking those closest to them
for help. The findings come in an anonymous survey carried out by
Gloucestershire Affordable Housing Landlords’ Association. It wanted to find
out how people are coping in the current financial squeeze and to see what sort
of help might be arranged to help them budget better. Almost two-thirds (63%)
of those borrowing need the money to pay bills, whilst a third say it covers
one-off expenses, such as a car or replacing household items, eg washing
machine. Three-quarters borrow from friends and family, but 23% said they had
used a doorstep lender or an online payday loan company. Read more on 24dash.
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