Holiday season leaves Brits with increased debts
September 18, 2007
Recent reports have shown that many consumers in the UK get into debt every year for the sake of enjoying a week or two away from home.
According to the reports many Brits get into debt in order to take a holiday that they cannot really afford, and then have to deal with the consequences of repaying the debt when the holiday is over. An alarming number of consumers rely on loans and credit cards to fund their holidays, and in many cases the first lot of credit is not even paid off before another loan is taken for the next holiday, simply adding to the debt.
Credit and debt charities are concerned about the number of consumers relying on credit for holidays that they cannot afford. One official stated: “If you are going abroad you need to think about what the living costs are there. If you really can’t afford to go on holiday you have to accept that.” With interest rates on the rise more and more people are having to tighten their belts, and a holiday funded by credit is simply another repayment to deal with.
Officials from consumer debt charities are urging Brits to avoid getting into debt specifically so that they can take a holiday, and instead to budget more carefully to try and make cutbacks on outgoing throughout the year to save towards a holiday. Brits are also advised to budget more effectively when it comes to the cost of the holiday, looking for cheaper deals as well as budgeting more carefully when it comes to spending money for their holiday, as this could all help to cut the overall cost of the holiday.
In short, consumers are being urged to try and kerb their holiday spending and budget more carefully, and to rule out going on holiday altogether if it means having to go into debt to go away.
Alan Wright
17th September 2007
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