Indebted Brits ‘cutting back on holiday spending’

With debt management problems worsening for millions of British families, many are cutting back the amounts they plan to spend while on holiday, it has been revealed.

Figures from the currency exchange firm FairFX show that almost three in every five holidaymakers from the UK have decided to reduce their travel budgets in light of their financial constraints.

Most people attribute their plan to curb holiday spending to the rising cost of living in the UK and the general increase in the outgoings in recent months, a poll by the company established.

“Brits have been forced to slash their holiday spending as the credit crunch and the hefty rise in the cost of living hits them hard in the pocket,” said FairFX’s chief executive Stephen Heath.

Many people use credit card debt to fund their holidays but David Kuo, at Fool.co.uk suggested recently that borrowing arrangements are becoming increasingly difficult to secure for consumers across the country.