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Consumers avoiding loan charges by borrowing from family

Many consumers may be borrowing money from their family members so that they do not have to pay loan charges.

According to research by Aviva, there has been a significant increase in the number of people approaching family members for money.

Findings revealed that 61 per cent of consumers see it as a positive thing that families can rely on one another, while 15 per cent of families lend money to each other on a regular basis.

Clive Bolton, 'at retirement' director at Aviva, explained that the credit crunch has impacted all members of society, but particularly those in retirement, as these people have limited credit lines.

He said: "The implications of this seem to reflect a change in family dynamics from the late twentieth century when greater independence was achieved through the wider availability of credit, back to a time when the preservation of wealth and financial reliance was largely focused upon the family."

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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