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Home  »News  »Finance News

Don't be tempted to borrow money for your holiday, advises CCCS

03/08/2010

Most people will admit that a holiday does them the world of good. It's a chance to relax, try out new activities, explore different places and perhaps even soak up some sunshine. But, it seems many Brits are rather careless with it comes to financing their trip away. In fact, research by R3, the insolvency trade body, found that 2.3 million holidaymakers have had to borrow money to pay for their break. The average Brit borrowed £1,130 for their trip away and then spent over half of the year paying it back. Perhaps, they should be looking for better value options! Holidaymakers in the north-west, Yorkshire and Humberside and the West Midlands were the least likely to borrow to cover the cost of their holiday, while Scots were most-likely according to the research. Una Farrell, media relations manager for the Consumer Credit Counselling Service (CCCS), noted that many people view holidays as a necessity. "Holidays are very important to people and many make the choice to take out credit to pay for them so that they can have a break from their everyday life." While a break can help people to deal with the stresses of life, she warned that they shouldn't be turned into "something that adds to those stresses by leaving you with a debt problem". "So, if you are taking out a loan to pay for your holiday, you need to carefully consider how you will be able to repay it." She advised: "Ideally, the best way to pay for a holiday is by saving for it." On a more penny-pinching note, Brits are also trying to spend less on their holiday this year. Some 38 per cent of UK holidaymakers said they were hoping to reduce how much their trip away cost them this year, according to other figures from R3. Posted by Jez Walters

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