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Credit card holidays building debts, study shows

Fri, 08 Sep 2006

Many UK holidaymakers are building high levels of debt on credit cards while away, according to new research.

Some 14 per cent of Britons are using credit cards to fund their trips, according to the study by CreditExpert, from Experian.

Of these, 33 per cent said that they are not planning to pay off the credit card debt until their next statement.

Furthermore, some 14 per cent predict that it will take around four to six months to pay the credit card bill.

Jim Hodgkins, managing director of CreditExpert, commented: "Being constantly aware of your financial situation can help you plan your future spending better and ensure that high periods of spending, such as holidays, don’t leave you struggling for the rest of the year."

Consumer advice service uSwitch recently warned that many card providers have charges for using credit cards abroad, which many UK residents may not be aware of.

The company said that British holidaymakers could pay as much as £576 million in credit card charges, as part of a total £8.6 billion credit card spend which they predicted for this summer.


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