Holidaymakers could push themselves into debt

By MoneyhighStreet Staff. Published on July 23, 2008 This post currently has no comments.

Sunset
Nearly three million consumers will get into debt as a result of their summer holiday this year, a new report has suggested.

A survey from CreditExpert.co.uk found that 24 per cent of British adults have already decided that they cannot afford a vacation this year, with 43 per cent blaming the impact of the credit crunch.

Of those still planning a trip this year, 2.8 million think they will probably end up in debt as a result. Interestingly, 33 per cent of people aged between 18 and 24 believe they will succumb to peer pressure and take a vacation they cannot afford.

"The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so," commented Jim Hodgkins, the managing director of the website.

"Due to the recent increases in the cost of living, we are seeing more people keeping a closer eye on their credit."

Recently, Abbey reported that parents were planning on spending around £600 less this summer than they did last year.