Payday loans shunned in favour of family and friends (Experian plc)

(Source: Experian plc) Nottingham, UK, 18 September 2015 - A study among people who live in social housing shows that family or friends are by far the preferred source from which to borrow money. This is especially in relation to funds needed to cover people's living costs or for purchases such as white goods. A debt-shy third say they would never borrow money at all. More than one in three (38%) people living in social housing would call on relatives and friends for extra funds, compared to only 13% who would approach their bank or building society for a credit card or loan and only 6% who would use a current account overdraft facility. A third (33%) say they would never borrow money at...