One in six adults in the UK borrowed money to fund their holidays this summer, new research by CreditExpert has claimed.
Most of this was funded by credit card spending, with the remainder using homeowner loans. Around 14 per cent of holidays were paid for with plastic.
Another ten per cent said that they had no idea how they were going to fund their holiday before departure, said the CreditExpert personal credit index.
“Getting carried away and overspending a little on holiday is something nearly everyone has experienced,” said Jim Hodgkins, managing director of CreditExpert.
“But the latest personal credit index reveals a worrying picture of people failing to budget for their holiday costs or plan their repayments, meaning they could be repaying holiday borrowings well up to and beyond the Christmas period.”
A third said that they do not expect to pay for their holiday within one statement and one in six said that it would take them between four and six months to pay the bill.
One in 50 said that they would still be paying for their holiday when they are packing their bags to go away in summer 2007.
This article: © Moneyexpert Ltd.