Brits 'risking debt for a holiday'

By Sarah Engle, Fri 9 Jul 2010 - Published in Loans

Almost two-thirds of British holidaymakers are increasing their debt to fund their trip, according to new research.

A survey by Bright Grey found that 32 per cent of respondents, or the equivalent of more than ten million people, have borrowed money to pay for their holiday this year.

When quizzed as to why they are willing to increase their debts, 13 per cent of people said they want to take a holiday each year no matter what their financial situation is, while the same proportion feared being looked down on by others if they do not have a vacation.

In addition, the survey showed that 58 per cent of the people who have borrowed money for their break will not be able to pay it back in the near future.

Roger Edwards, proposition director at Bright Grey, commented: "Planning ahead for the future financially can help avoid using expensive emergency measures to cover them for the short-term and also mean that everyone can enjoy the sun without the grey cloud of debt hanging over their heads."

Earlier this week, Get Safe Online and UK travel association ABTA warned travellers about bogus holiday scams such as fraudulent websites and holiday rental cons.

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