23% of parents run up debts during half-term holidays

Nearly one-in-five parents have put themselves into debt because of the cost of the half-term holidays.

A study by Sheilas' Wheels has found th…

Nearly one-in-five parents have put themselves into debt because of the cost of the half-term holidays.

A study by Sheilas' Wheels has found that 23 per cent of mums and dads have been left in a stark financial situation because they had to entertain their children while they were off school.

On top of this, 44 per cent are worried about how much money they are going to have to spend over the next couple of weeks, as learning centres across the UK shut down for seven days. The situation is being compounded by the fact living costs are already stretching many households to breaking point.

If adults do find themselves in debt trouble, seeking a solution that brings the situation under control is the best way forward. A debt management plan allows a person to reduce their monthly repayment schedule, while creditors typically freeze interest on the money owed.

The top five expenses were found to be going on a UK staycation (£253.83), childminders (£101.18), buying gadgets for the kids (£87.89), sports camps (£70.39) and family days out (£53.40).

Jacky Brown from Sheilas' Wheels home insurance said: "In these tough economic times it is no wonder that the costs associated with keeping kids entertained over the holidays are putting added pressure on family finances.

"Understandably, every parent wants the very best for their children, but [it] often comes with a hefty price tag."

Some 36 per cent of parents said the February half-term break is the worst one, as the poor weather means they feel compelled to splurge on gifts and excursions to ensure their kids are not bored.

Another issue is that it comes so soon after Christmas, which means that many people are still dealing with a financial hangover. Individuals who have money worries should make sure they do not overstretch themselves, as this will just lead to more problems further down the line.

By Amy White

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