Quarter of holidays financed by credit cards and loans, claims financing study

Fri, 01 Jun 2007

Credit cards and personal loans may be fuelling more than a quarter of holidays this summer, according to a new report.

In a study from online credit monitoring service CreditExpert, it has been discovered that 27 per cent of travellers plan to pay for their holidays on credit, using a loan, an overdraft or a credit card.

And exploding the stereotypes, it also appears that men may be more extravagant with their money than their partners.

The research indicates that 26 per cent of travelling men go over-budget when abroad, as opposed to 18 per cent of women.

"Many of us have a 'me now, debt later' attitude to our finances," commented Jim Hodgkins, managing director of CreditExpert.

"Keeping a budget for the cost of the vacation as well as day-to-day holiday expenses will help you avoid going into debt."

Last month, the Post Office Travel Services department added to the body of research indicating that Britons do not stick to their financing limits when overseas.

According to its findings, 48 per cent of holidaymakers set a budget in Britain but then failed to adhere to it when on holiday.

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