Brits finance holidays with plastic
CreditExpert said that one in six UK consumers had borrowed money for their holidays, with 14 per cent of the cash coming from credit cards.
One in three of those who funded their holiday with a credit card did not expect to pay off their balance at the time of their next statement, the survey found, while a sixth of the same group predicted it will take them four to six months to clear their balances.
"Getting carried away and overspending a little on holiday is something nearly everyone has experienced," claimed Jim Hodgkins, CreditExpert's managing director.
"But the latest personal credit index reveals a worrying picture of people failing to budget for their holiday costs or plan their repayments, meaning they could be repaying holiday borrowings well up to and beyond the Christmas period."
Two per cent of those borrowing said they would still be paying off their summer holidays in a year's time.
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07.09.2006.