Many Brits get into debt to go on holiday
October 5, 2007
According to recent figures many Brits get themselves into debt in order to go on holiday each year, with many relying on loans and credit cards to pay for both their holiday and their spending money.
The rest of the year is then spent trying to repay the debt, and in some cases the debt rolls over into the following year and is even added to when the consumer takes out yet more credit to pay for another holiday. Consumers groups are advising travellers to keep an eye on their holiday spending, and to face facts if they cannot afford a holiday rather than getting themselves into debt for years for the sake of a week or two away.
The Consumer Credit Counselling Service has been urging travellers who are planning to go away this summer to budget effectively and to avoid getting into debt to go on holiday. Making some cut backs, being more careful with spending money, and searching around for the best deals on travel can help to cut the cost of the holiday. Consumers are advised to take living costs into account when planning their holiday, and to devise and careful budget for their holidays and stick to it.
One official from the Consumer Credit Counselling Service 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.”
Reports indicate that around twelve million consumers in Britain put themselves in debt every year in order to take a holiday that they cannot really afford. Reports also show that cycling holidays in the UK have become increasingly popular, and around £120 million was spent on this by Brits last year.
Alan Wright
5th September 2007
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