Holiday costs ‘drag millions into debt’

Millions of Britons could soon require debt advice after new research has revealed the vast amount holidaymakers borrow to take a trip abroad.

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Millions of Britons could soon require debt advice after new research has revealed the vast amount holidaymakers borrow to take a trip abroad.

Figures released by Bright Grey, which is a division of Royal London, have shown more than ten million people will rack up debt in order to vacation overseas this summer.

This means 32 per cent – almost a third – of the population are willing to put their financial situations at risk to fly away for a break.

The study found 58 per cent of those borrowing money to finance such a trip do not have the adequate means to repay the sum straight away – which could result in them facing additional interest payments.

For those using a credit card, this could swell their holiday costs by up to £100 for each month the balance is not fully settled.

Nearly one-in-seven (13 per cent) of those questioned stated they are willing to take the monetary risk as they feel they need to have a vacation each year.

Another 13 per cent admitted they take a break at least once every 12 months as it is what their friends expect of them.

The statistics showed in excess of £12 billion will be borrowed this year by Brits desperate to retreat to foreign shores, with the average spend for a main summer getaway standing at more than £1,200.

Around ten per cent of consumers noted it would take them more than two months to pay off holiday debts.

Figures recently released by Get Safe Online revealed a number of internet users may be placing their financial security in jeopardy as 30 per cent of web surfers do not check the validity of the website they select when paying for an overseas trip.

By Joe Shervin

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