Debt-fuelled Brits risk holiday hangover

| July 13, 2010
Debt-fuelled Brits risk holiday hangover

One in three Brits risk a financial holiday hangover by paying for their holiday using debt, according to new research.

Research by Bright Grey found 32% of holidaymakers will pay for this summer’s break using a credit card, travel agent payment plan, or by borrowing money from family and friends.

Sun-seekers will borrow an average of £1,200, and three in five (58%) of those borrowing money admitted they won’t be able to afford to pay back the debt straight away.

Bright Grey warned holidaymakers not to spend more than they can afford.

“Getting away on holiday can be a high point of the year for many people, however with one in three borrowing to pay for their getaway, it is important to make sure they don’t end up with a financial holiday hangover on their return,” said Roger Edwards, Bright Grey spokesperson.

The survey also found that nearly a third of Brits are planning to take their main holiday in the UK this year.

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