Holiday breaks ‘put millions in debt’

Around 18.3 million British consumers borrow money and head into the red in order to fund their summer holidays, according to recent research.

Figures from MoneyExpert.com show that almost one in five British holidaymakers face debt management difficulties as a result of their desire to get away.

Additionally, the study found that almost two-thirds (63 per cent) of those who fund their holidays through borrowing add to their credit card debts, while close to ten per cent use personal loans to finance their trips.

Sean Gardner, chief executive of MoneyExpert.com, commented: “Holidays are usually one of the biggest spending times of the year along with Christmas so with family budgets being squeezed millions of us are turning to borrowing.

“And it can be tempting when you’re overseas to dip into the red a bit to make sure the holiday is as relaxing and enjoyable as possible.”

A report from CreditExpert.com recently suggested that UK consumers could be putting their finances at risk by not looking after their credit cards while on holiday.