A third of Britons will fund their summer holiday this year with debt, according to a new study.
It is estimated that 10 millions holidaymakers will pay for their trip by using their credit card, a travel agent payment plan or borrowing cash from friends or family. The total amount borrowed for holidays this year will be £12billion, or £1,200 per person.
More than half are reported to not have the money readily available to repay their debtors straight away.
The study was carried out by protection specialist Bright Grey found, which also found one in seven people insisting that they must have a holiday every year, even if their current financial situation didn't allow for one.
Roger Edwards, Bright Grey's proposition director, 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.
“Planning ahead for the future financially can help avoid using expensive emergency measures to cover them for the short-term.”
Booking a stag do with The Stag Company can allow people to pay small installments when they are able to in between the original booking and a date prior to the weekend. Significant summer offers and cheap stag weekend options can also allow for a celebratory weekend without having to go into debt to enjoy it.
By Rob Hogley