Many thousands of British consumers are leaving their debt management troubles behind and jetting off on holiday without having paid for their previous trips, it has emerged.
Figures from Alliance & Leicester show that millions of people across the country are fuelling their holiday expenditure by borrowing heavily and taking months to pay off the resulting debts.
Around 900,000 Britons are yet to pay off the bill for their previous holiday and more than one in five spent a full 12 months repaying debts accrued in an eagerness to get away, a recent study discovered.
“It’s understandable that many of us will want to erase the damp squib of a summer from our minds by treating ourselves and making the most of our time away, however, many holidaymakers run the risk of letting their holiday dreams turn into a potential financial nightmare,” said Ross Dalzell, Alliance & Leicester’s savings manager.
Statistics from Credit Action show that the UK’s debt management burden increases by around £1 million every four minutes.