Debt help for inter-family loanees

People who feel as though they need to borrow from their family may want to look into debt solutions to help them get back in control of their finances.

New research from More Th>n shows that the total amount owed to friends and family is in excess of £40bn (£44.6bn), with a third (32 per cent) of those surveyed admitting that the loans had caused rifts that may never be healed.

On average, people borrow more than £2,000 (£2,250) from their loved ones over their lifetime, with three-in-ten (31 per cent) saying they need to resort to this unofficial form of debt help due to them not having any savings.

In order to avoid arguments with friends and family, people should consider contacting a debt management company when they have financial problems, so they can find the most suitable form of debt help for their situation.

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