Being a good samaritan to someone you know who has debt problems can lead to financial and other problems for you according to research by insurance company AXA.

Many people who are struggling financially turn to friends, family, colleagues and even acquaintances for help, but the research shows that those who help can often find themselves facing financial and other difficulties as a result.

26% of people who have helped others with money have actually fallen into debt themselves as a result. 39% had to reduce their savings to help while one in five has handed over cash that was intended for someone else.

More worringly, 8% of respondents said they had to fend off the bailiffs on behalf of someone else while 5% said their address has been blacklisted despite not having money problems themselves. 3% said that they suffered violence or the threat of violence.

As well as financial problems, 23% said that they suffered emotionally as a result of lending money to someone in debt, while 20% said it led to relationship problems.

“We all know about the debt mountain, house price rises and the state of the financial markets." said Steve Folkard of AXA. "But this is the first time that someone has identified how people in serious financial need can affect those around them as much as they can themselves.

"We want the government, media, the industry and all individuals to recognise money as a major social issue and work together to try and improve the situation which is clearly impacting millions of people in a very negative way."



November 21st, 2007