One in six Britons borrow money for their holidays according to the CreditExpert poll, with credit card debt the most common means for doing so.
“Getting carried away and overspending a little on holiday is something nearly everyone has experienced, but the latest personal credit index reveals a worrying picture of people failing to budget for their holiday costs or plan their repayments, meaning they could be repaying holiday borrowings well up to and beyond the Christmas period,” warned Jim Hodgkins, managing director of CreditExpert.co.uk.
According to the poll, a third of those who used a credit card to pay for their summer holiday say they don’t expect to repay the borrowed amount immediately, adding to their debt level.
Mr Hodgkins warned against poor budgeting and the effect it can have on debt and future spending.
He urged borrowers to plan for their future to avoid “struggling” with debt for the rest of the year once the holiday is over.