People holiday 'while still in debt'
Published On 9 July 2007
People in the UK are risking debt by heading on holiday before they have even paid for their previous trip, new research suggests.Figures gathered by Alliance & Leicester found that one in ten people from the UK will jet off on holiday this year still in debt from last year's vacation.
A further 22 per cent revealed that it took them a whole year to pay off last year's holiday debt.
In total, 44 per cent of people from the UK feel that they never manage to save the total amount their holiday will cost before departing, meaning that they will inevitably end up in debt as a result of their trip.
"It's easy to get carried away with the holiday spirit as we all want to make the most of our time away, however, many holidaymakers run the risk of letting their holiday dreams turn into a potential financial nightmare," explained Ross Dalzell, the manager for savings at Alliance & Leicester.
"So much time and effort is put into booking and planning our holidays, it's important that the same attention is given to considering how to fund them.
"Setting up a holiday fund and putting what you can afford by each month is the best way to ensure that you're not still paying for your holiday fun long after your tan has faded."
Recent figures from lastminute.com suggest that the poor weather over the last month has driven many people to take last minute holidays.
