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We’re Not Going on a Summer Holiday

23-July-2008, Writes Dan Drage dan.drage@consumerchoices.co.uk

With the British seaside holiday back in vogue, a quarter of holidaymakers are going one step further and scrapping summer breaks altogether.

24% of Britons are taking a rain check on summer holiday plans this year, with 43% of this group citing the credit crunch as the main reason behind their decision to stay at home.

According to research commissioned by CreditExpert.co.uk, those who do choose to take a break will pay the price, with over two and a half million British adults getting into debt each time they go away - twice as many as this time last year.

The concerns of those in the 18 to 24 age bracket make them the most susceptible to holiday debts, with a third saying they succumb to peer pressure to go on a holiday which then pushes them into the red.

Regionally, individuals from the North East of England are the most likely to go into debt from holiday spending, while 16% of British adults admit holidays are so important to them they only think about the money they have spent when they return home.

Jim Hodgkins, Managing Director of CreditExpert.co.uk, had the following to say:

“The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so. Due to the recent increases in the cost of living, we are seeing more people keeping a closer eye on their credit commitments using Experian's credit monitoring service.”

One in five people cutting back are choosing to share a holiday with family or friends rather than do without a break.

Chris Eagle, Commercial Manager at Credit Choices, has advice for those who’re braving a trip abroad this summer:

“Use the Credit Choices currency converter to find yourself the most favourable exchange rate for your cash, and get the inside track on how to avoid needless credit card charges while you’re traveling.”

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