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"Holidaymakers prepared to get themselves into debt"

By Reno | July 9th, 2010 | General

A recent report has shown that holidaymakers in the UK are prepared to get themselves into debt simply so that they can get away on a summer break. It is reported that millions of people are set to get themselves into debt or in some cases even further into debt just so that they can get away on holiday this summer.

The survey was carried out by Bright Grey, and the results showed that nearly one third of UK adults that were going away this summer were getting themselves into debt in order to fund their holiday. Most of those planning to get into debt in order to enjoy a holiday were planning to use a credit card to fund their getaway.

In addition to using credit cards many of these holidaymakers are looking at other ways of financing their holidays, such as payment plans with travel agents or even borrowing the money from friends and family. Nearly 60 percent of these holidaymakers said that they did not have the money to repay their lenders back straight away, which means that many will be hit with costly interest charges.

Consumers that are planning to use their credit cards to pay for their holidays are being advised to ensure that they get the right credit card deal otherwise they could end up paying way over the odds for their time away. Often one of the choice of 0 percent purchase credit cards can prove effective, as consumers have a better chance to repay the debt before interest is charged.

Roger Edwards from Bright Grey said: “Getting away on holiday can be a high point of the year for many people, however, with one in three borrowing to pay for their getaway, it is important to make sure they don’t end up with a financial holiday hangover on their return.”

Tags: summer, Credit Cards, credit card, holiday, debt

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