Why Londoners Are Turning to Family & Friends for Money
Credit building isn’t just a buzzword – it’s a lifeline. A recent study by BuildMyCreditScore shows that 40 % of London’s residents borrow from friends or family because getting a bank loan feels like chasing a mirage.
Money Matters: The Numbers That Upset Us
- 23 % of Londoners have had to take on extra credit to keep existing loans afloat.
- 30 % admit it’s getting harder to snag new credit products.
- 28 % rely on short‑term, high‑interest lenders—more than three times the national average of 8 %.
- 28 % have fallen into long‑term debt by borrowing.
- For the 18‑34 age group, 46 % are stuck in long‑term debt after borrowing.
What’s Causing the Crunch?
London’s soaring inflation and cramped housing market push families toward riskier financial habits. When banks tighten their mouths, consumers have no choice but to go “high‑rate‑road to riches.”
Alternatives to Avoid Debt Bumps
Those in the NHS‑QD study say that 44 % of Brits want a way to build credit without taking out loans. Nearly two thirds of young people (64 %) feel it’s unfair that building a credit score forces them to risk debt.
Enter BuildMyCreditScore
James Lynn, CEO, explains, “In London’s money‑tight reality, family loans are the only thing to keep you afloat. But loans from friends can tempt you into a debt spiral if there’s no clear plan.”
BuildMyCreditScore is a debit card that lets users improve credit health by simply spending with it.
- Works like any bank card.
- Payments are collected via Direct Debit after a few days.
- Shows you can handle regular payments and reduce debt risk.
- Compatible with major banks and reports to Experian, TransUnion, and Equifax.
During the pilot, 632 users saw an average increase of 11–55 points in three months.
Take Action Today
Get real‑time updates right on your device. Subscribe now to stay in the loop and avoid the financial potholes of London!
