Debts ‘mounts up’ for young travellers
Young British travellers often find themselves with a debt management headache to deal with when they head back to the UK, it has been suggested.
Tom Griffiths, founder of gapyear.com, explains that people taking time out between school and university to go traveling the world tend to accumulate large amounts of debt because of an instinct to ‘but now, pay later’.
However, Mr Griffiths insists that when these intrepid young Britons return to the UK they are focused on their finances and keen to become debt free.
“When you’re out there, the natural thing is for you to say: ‘I’m going to buy these things now, and pay later,'” he said.
“Unfortunately, when you’re on a long trip, these things can add up. People don’t realise how much it costs just to feed and house themselves.”
A study released by Alliance & Leicester recently showed that millions of people around the UK set off on holiday without having repaid the debt relating to their previous excursion.
