Brits borrowing to fund holidays

One Briton in six borrowed money to fund their holiday this summer, new figures reveal.

The latest report from CreditExpert shows that most of this money was going on credit cards, with 14 per cent of holidaymakers using plastic to fund getaways.

Another ten per cent have simply no idea how they are going to fund their fortnight in the sun ahead of departure, CreditExpert's personal credit index reveals.

"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."

One person in three that funds their holiday with a credit card does not expect to repay this money at their next statement, with one person in six estimating it will take them four to six months to pay off their holiday credit card bill.

Two per cent think they will still be paying for their summer getaway in a year’s time.

And this holiday borrowing has contributed to an increase in the number of Britons who are uncomfortable with their debt.

Currently 15 per cent of indebted Britons are not happy with their debt levels, two per cent more than in June.

But overall more than three people in four (76 per cent) are still untroubled by their debt levels, CreditExpert reveals. XXX