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As summer draws to an end, for many consumers the anticipation of a well-earned
break has been replaced with the anxiety of paying for it.
A sixth of British holiday makers admit to borrowing money to pay for their
holidays this summer, according to the latest Personal Credit Index from
CreditExpert, the online credit monitoring service from Experian.
By far the most popular form of finance is a credit card, with 14% of holiday
makers choosing to pay for their holiday using this method.
In addition, 10% had no idea how
they were going to pay for their time in the sun before they set off.
A third of those who used a credit card to pay for their summer holiday say they
don’t expect to repay the borrowed amount at their next statement, reveals the
research.
Some 14% estimate it will take them four to six months to pay off their holiday
credit card bill, meaning they could still be paying interest on the debt at
Christmas, while 2% expect to still be paying off the cost of this holiday in a
year’s time.
Source:
Getting Paid
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