Loans and credit cards 'to pay for summer holidays'

Friday, July 9 2010

Some ten million Brits will get themselves in debt in order to take a holiday over the summer.

According to research by Bright Grey, UK citizens are set to borrow £12 billion to fund trips with their family and friends.

This will be either through travel agent payment plans, from loved ones, or by splashing out on a credit card.

When the protection specialist questioned why people were prepared to put themselves in the red, 13 per cent said they must get away from it all at least once a year.

And 13 per cent also noted they liked to be seen by friends to be enjoying a break away from home.

"With one in three borrowing to pay for their getaway, it is important to make sure they don't end up with a financial holiday hangover on their return," says Roger Edwards, proposition director at Bright Grey.

The Credit Action report for July reveals the average UK household is in £57,944 of debt.