IVA News - Holidays send millions of Brits into debt
As the holiday season approaches, the temptation to book their dream break sends millions of Brits into debt, according to new research.
A study from CreditExpert.co.uk has revealed that 12 million Brits go into the red paying for expensive holidays.
Of those surveyed, six per cent admitted that they end up in debt every time they go on holiday, while 27 per cent said they rack up debt by paying on credit.
Almost a fifth (18 per cent) of respondents said that a holiday was so important to them that they think about the money later, while 15 per cent said they did not want to disappoint their family.
Young adults aged 18 to 24 were found to be the most frivolous with their holiday plans, with 38 per cent admitting that they don't think about the money until they return.
Jim Hodgkins, managing director of CreditExpert.co.uk, says: "It's worrying that, as a nation, many of us have a 'me now, debt later' attitude to our finances.
"Most of us work hard and need a well-earned break, but it's important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail."
Recent research from CreditExpert.co.uk also revealed that over 80 per cent of people regularly overspend and are driven to consider measures such as bankruptcy.
FH Debt Solutions is a national telephone helpline for people with debt problems in England, Scotland and Wales. The service is free, confidential and independent. They can be telephoned on 0800 0746918 or you can visit their website www.financialhelpline.co.uk.
The service provides self-help advice to its callers and also produces written self-help packs and fact sheets to back this up. The service can also assist callers with the setting up of Individual Voluntary Arrangements (IVA), Debt Management Plans and Bankruptcy for England & Wales or Scotland.
