Brits go into the red for the summer sun

Almost one Briton in five (18 per cent) gets themselves into debt to pay for their summer holiday.

This means some 8.3 million holidaymakers are flying out on borrowed money, MoneyExpert.com research shows.

"Holidays are usually one of the biggest spending times of the year along with Christmas so with family budgets being squeezed millions of us are turning to borrowing," said MoneyExpert chief executive Sean Gardner.

"And it can be tempting when you’re overseas to dip into the red a bit to make sure the holiday is as relaxing and enjoyable as possible.

"However holidays should also be a time to recharge your batteries and relax and that should also apply to sorting out your finances."

Of those borrowing to pay for their two weeks in the sun, most (63 per cent) use credit cards to top-up their holiday cash, with another one in eleven (nine per cent) using a personal loan. One person in seven (14 per cent) rely on their overdrafts to fund fun in the sun.

And this could be a problem.

"It's not long after the summer holiday season is finally over that the Christmas adverts start up and we all head for another round of wallet bashing. It can be far too easy to get into a spiral of debt," said Mr Gardner.

"Anyone with debt problems needs to cut the amount they are paying each month and to draw up a plan to become debt-free.

"That should include switching debts to more competitive credit cards and consolidating debts into a personal loan. In some cases it could include taking out a secured loan if you are a homeowner."