A new research reveals that UK residents are borrowing from friends and relatives to the extent of £ 65 billion. Over one third of population fall in this group and average debt is triggering to a whopping £ 3,704. This has been stated by cahoot, a renowned survey agency. Most of debters felt guilty for taking the loan and 13 % said that they felt grateful to provide loan. John Goddard, managing director said that the problem will start when people start borrowing money with their family in addition with personal loans and overdrafts.

London May 25, 2006: According to a survey agency cahoot, of late most of the UK residents are borrowing money from their family members and friends. This amount has reached up to a level of £ 65 billion. Surprisingly, around one third of the population owe money to such groups with average debt of £ 3,704. Although, some of them who have borrowed money from their relatives said that they felt guilty for taking the loan. Around 10% said that they had to return the money immediately, as they were asked to do so by their folks.

John Goddard, managing director of cahoot said that it is almost a common phenomenon if the borrowed amount is small amount. Many a times those small debts are waived off, if it is lent from parent to children as a general rule.

He further added that actual problem starts when they start borrowing a large amount in addition to overdrafts and personal loans.