UK citizens are willing to help a friend in financial need with monetary assistance; however, this type of generosity can lead one into debt.
June 28 (www.loans11.co.uk) London: According to a study from CreditExpert.co.uk, giving a personal loan to a friend in need has become something of an essential act of friendship.
40 percent of the people surveyed revealed that they would offer as much as they possibly could, even if such magnanimity meant a drastic change in their financial circumstances. 47 per cent of were willing to take on a financial burden for a friend in monetary trouble, according to the research.
Still, the debt advice site also warns that while generosity can assist friends to stop seeking loans from other sources, the lending person can run into debt himself, subsequently damaging his credit rating.
"It doesn't always pay to be generous", according to Jim Hodgkins, CreditExpert.co.uk's managing director.
Financial 'etiquette expert' Liz Brewer, also commented on the research, recommending that advice is better than lending money. Financial analysts might say that professional advice from qualified people is the best way to go.
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