Research for loans company cahoot shows that 39 per cent of Britons owe money to family or friends, totalling £65 billion.

John Goddard, managing director of cahoot, said that while borrowing from family was common, it had its dangers: “Problems can start when people start to borrow large amounts of money in addition to personal loans, overdrafts and credit cards because this can put a huge strain on monthly budgets and on personal relationships.”

With Britons already estimated to be £1.1 trillion in debt at an average of £4,000 per person, this new study adds another £3,704 to personal debt levels.

However, Mr Goddard told people not to regard loans between acquaintances to be seen as an easy option.

One in ten people told cahoot that they had fallen out with friends because of loans; a quarter had to repay debt with favours; and a tenth said that the original loan necessitated others to borrow money.

Despite Polonius’ warning in Hamlet “neither a lender nor a borrower be”, it seems that many are, leading to arguments and resentment as people struggle to manage debt.

According to a study by the Alliance & Leicester, those who use online banking have a clearer financial picture as 44 per cent check their account at least twice a week, compared to three per cent who use face-to-face banking.

“You can keep track of your in and out-goings which means you have a clearer idea of where you stand and so can easily avoid going into the red by mistake,” said Helen Palmer, manager of Alliance & Leicester current accounts.

“As such, you can check your account at the click of a button and manage your money more effectively.”

Internet banking has surged in popularity in the UK, with a 63 per cent rise in online use since 2003.

Logging onto internet bank accounts also gives 24 hour access to the current state of finances, added Ms Palmer, praising the convenience of such a system.

With the Office of Fair Trading saying that it will not impose limits on overdraft charges, easy access to bank details means that many can help avoid incurring debt and stay in control of their finances.

Research for IFA Promotion shows that less than a fifth of Britons have savings stored “for a rainy day”, with 43 per cent being forced to turn to families for help.

David Elms, chief executive of IFA Promotion, commented: “Our research has already revealed some alarmingly blase views on balancing our spending, saving and debt; but without even a basic savings safety net, millions of us risk the possibility of being plunged from indulgence into hardship.”

Despite this lack of savings, spending and debt, particularly credit card debt, is reaching new levels, with the average Briton £4,000 in debt.

However, IFA Promotions warns that an interest rate rise could be on its way which could severely affect those with loans and mortgages.

Worryingly, five per cent surveyed said they would take on more debt to try and get themselves out of a financial crisis, while 15 per cent of women have no idea what they would do if one hit.

With a risk of debt becoming more likely and a lack of financial planning apparent, Mr Elms called for people to take on financial advice and to start saving.

David Mond, chief executive of debt experts, ClearDebt, commented that it was rarely wise to borrow your way out of trouble: “Unexpected financial crisis is one of the most common reasons people fail to manage their debt.

“Extra borrowing is rarely the answer. Instead, not only should people save, they should ensure they should borrow prudently.

“Imagine your monthly payments doubling,” added Mr Mond. “If you could not still afford to pay then you are too deep in hock.”