One in four borrow to fund holidays
More than one in four people are getting into debt to fund their holiday, a survey has suggested.Around 28% of people admitted they had borrowed money to pay for their summer break, a fifth of whom said they would rather be in debt than go without a holiday, according to online travel agent sunshine.co.uk.
But more than half of those who used credit to fund their trip admitted it would take them more than a year to clear the debt.
Among those who borrowed money to pay for their holiday, 51% used a credit card, 24% took out a loan and 20% borrowed money from family or friends.
A third of people claimed it was the first time they had borrowed money to pay for a holiday, but 68% said they regularly funded their trips in this way.
Four out of 10 people said they preferred to borrow money to pay for their holiday as it enabled them to meet the cost in instalments.
Chris Brown, co-founder of sunshine.co.uk, said: "Borrowing money has unfortunately become an increasing necessity for those wanting to enjoy a little luxury in this tough economic climate.
"Nevertheless, people need to be careful when considering where this borrowed money comes from.
"Whilst credit cards can seem like an excellent way to put off large payments, the interest accrued will make your holiday far more expensive in the long run, especially if the debt is paid off slowly."
Sunshine.co.uk questioned 1,891 people during August.
Four out of 10 people said they preferred to borrow money to pay for their holiday as it enabled them to meet the cost in instalments.
Chris Brown, co-founder of sunshine.co.uk, said: "Borrowing money has unfortunately become an increasing necessity for those wanting to enjoy a little luxury in this tough economic climate.
"Nevertheless, people need to be careful when considering where this borrowed money comes from.
"Whilst credit cards can seem like an excellent way to put off large payments, the interest accrued will make your holiday far more expensive in the long run, especially if the debt is paid off slowly."
Sunshine.co.uk questioned 1,891 people during August.
© 2012 Press Association