Travel Thirsty Brits Borrow To Fund Holidays
31 May 2007
Going on holiday has pushed 12 million Britons over the edge in debt, CreditExpert.co.uk has warned.
More than a quarter of people purchase holiday flights, accommodation and non-essentials using credit from an overdraft, loan or credit card.
One in twenty people actually get themselves into debt every time they go on holiday, yet one in five of people overreaching their personal financial limits said their holidays were too important to them to think about the debt risk until afterwards.
Another 15 per cent said they felt pressure to spend on holidays from friends and family who wanted to travel together.
Unsurprisingly, fun-loving 18 to 24-year-olds were the most likely to consider the debt burden their holiday incurred belatedly, with 38 per cent putting off the day of financial reckoning.
But 25 to 34-year-olds, meanwhile, were most likely to find themselves spending beyond their means once they reached their destination.
“Most of us work hard and need a well-earned break, but it’s important that we plan ahead,” CreditExpert.co.uk’s managing director Jim Hodgkins advised.
“Keeping a budget for the cost of the vacation as well as day-to-day holiday expenses will help you avoid going into debt,” he added.