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Parents avoiding credit card charges by 'borrowing' from piggy banks

Many parents believe it is easier to borrow cash off their offspring than deal with bank charges, research has shown.

A study by revealed that 15 per cent of mums and dads think borrowing from their children is easier than making a bank claim or asking for money through another lender.

Furthermore, 11 per cent admitted that they use their child's money to avoid credit card charges or other fees they would have to deal with through traditional sources of finance.

A total of 30 per cent of parents admitted taking cash or borrowing from their child's savings account or piggy bank, with these people removing an average of £50.26.

Raising a child can be expensive, however, with LV='s Cost of a Child report finding taking care of a youngster from birth until the age of 21 typically costs over £218,000.

"Using cash lying in a piggy bank is a good way of avoiding being stung by fees, although it is an idea to find other ways of arranging your finances to avoid these traps," head of banking Kevin Mountford said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801456360-ADNFCR

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