31 May 2007 Credit generation 'not adequately budgeting holidays'
Britons have been advised to properly budget their holidays to avoid slipping into debt as a result of their trips abroad.
A study from online credit monitoring firm CreditExpert reveals that 27 per cent of Britons will purchase their holiday on credit, while six per cent of Britons admit to going into debt most times they go on holiday.
Jim Hodgkins, managing director of the firm, said: "Most of us work hard and need a well-earned break, but it's important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail."
He advised holidaymakers to keep a budget for the cost of their holiday - including everyday expenses - to lower the probability of going into debt.
Last October, Axa reported that the sum of all holiday spending by UK-residents over the course of 2006 reached £97.3 billion, with £45 billion of this amount resulting from booking the holiday and the remainder on other expenses.
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