British holidaymakers ‘head for the red’

According to figures from Credit Expert, one in 20 Brits face further debt management difficulties every time they take a trip and 12 million people head into the red to pay for their holidays.

In addition, close to one fifth of the “credit generation” admit that when it comes to holiday spending issues of debt management are not an immediate concern, the latest research discovered.

Jim Hodgkins, managing director of Credit Expert, commented: “It’s worrying that, as a nation, many of us have a ‘me now, debt later’ attitude to our finances.

“Most of us work hard and need a well-earned break, but it’s important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail.”

Meanwhile, figures from Credit Action show that the UK’s personal debt mountain increases by around £1 million every four minutes.