One in four create debt for holiday
07 September 2010Around a quarter of people get themselves into debt in order to pay for a holiday, according to research.
Online travel agent sunshine.co.uk said 28% of people had to borrow to be able to afford a summer getaway. A fifth of them said they would prefer to be in debt than not getting to go on holiday.
At least half of those who used credit to pay for a holiday said they will not be able to clear the debt for more than a year.
Of everyone who said they got into debt for a holiday, 51% used their credit card, 24% got a loan and 20% said they borrowed the cash from friends or family.
Around one in three of the survey respondents said they had never before had to borrow money just to be able to take a holiday, although the other two-thirds said they usually got into debt before they went away.
Sunshine said four in 10 preferred to borrow cash for a holiday because it meant they did not have to pay for all of it straight away.
The firm's Chris Brown said: "Borrowing money has become an increasing necessity for those wanting to enjoy a little luxury in this tough economic climate."
Sunshine.co.uk said 1,891 people took part in the survey in August.
Copyright Press Association 2010
