How do you collect on an overdue loan, when the borrower is a friend?
A PayPal study found the average respondent was owed $450 by friends and family, totaling $51 billion. The survey of more than 4,000 people in the United States, Canada, Germany and Australia also revealed one-third of respondents saw a relationship go south over IOUs. That’s because people feel awkward about asking friends and family to pay up for their share of the expense.
But technology may be making it easier to collect. Dr. Ryan Howell, associate professor at San Francisco State University told Main Street about a couple of options. Listen to the program for the full interview!