Your round again? More than £2bn racked up in unpaid debt between friends
Miserly friends who refuse to get a round in at the pub or borrow cash to do so are contributing to unpaid 'mate debt' of more than £2billion in the UK.
Almost three-quarters of generous Britons say they have lent their friends cash, with the most popular reasons being to buy them a cup of coffee or to buy them drinks on a night out.
But while we are willing to lend the money, we are not so reliable when getting repaid with 47 per cent of people who lend their friends money say they don't bother asking for it back, while one in 10 who borrow from their friends pretend to forget to pay it back.
Whose round is it anyway: Almost three-quarters of people lend money to their friends, with many not asking for it back.
Barclays has calculated based on a survey of 2,145 adults that the amount of unpaid debt between friends stands at a massive £2.3billion, a figure which will rise further over the Christmas season.
Derek White, chief customer experience officer, said: 'Christmas is a special time, but in tough economic times we’re all that bit more concerned about keeping control of our finances.
'My friends help, but I pay them back!'
Having friends willing to help out financially is vital for 27-year-old musician Teleri Smith, from London, but she is fastidious in ensuring she pays her friends back as soon as she can.
She said: 'I work as a freelance musician and this means my income isn’t as regular or as consistent as some of my friends.
'They have been a huge support to me in the past especially when work has been quiet.
'I’ve often had to borrow money from my mates just before my rent is due, somewhere in the region of £100, to help cover any shortfall.
'I always settle up any debt as soon as I can and would happily repay the favour to my mates whenever they need my help.'
'It can be tough to keep track of spending and money loaned to
friends, whilst some mates may intentionally "forget", most are simply
too busy to notice or remember.'
It is not just on nights out that sees people lend to their friends, the squeeze on household budgets over the last few years has seen more adults lending a hand to help their mates with their bills.
And a small number, 5 per cent, admit that they duly oblige when their friends ask them for help paying for Christmas presents.
Awkwardness seems to be a big reason why so much of this debt is not being paid back, with a third saying they are too embarrassed to ask for their friends to pay back money they've loaned, with women less likely to bring it up than men.
Quite often as well people don't ask for their money back because the amount lent was small.
Unsurprisingly the issue of unpaid debt can sometimes lead to recriminations, with 15 per cent of respondents saying they have fallen out with friends over money.
Arguments such as these has led to a rising number of enquiries being made to This is Money in recent months asking for advice on how they can act when a friend, relative or former partner won't pay back a personal debt.
Barclays says its 'Pingit' app, which allows people to make money transfers using their smartphone, could be useful in situations where they find themselves cash-less and have their friends cover the costs. You can use Pingit if you are not a Barclays customers by topping up the Pingit account in cash at a Barclays branch, by transferring funds from another account, and by using a Barclays cash machine.
Barclays is not the first to experiment with using handheld devices as a form of payments, with O2 earlier this year launching its Wallet app to download onto iPads and smartphones.