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British Ignoring Holidays Costs

Millions of British consumers are ignoring the potential personal finance  problems they may face and put themselves into debt while going on holiday, according to recent research.

Figures from Credit Expert show that 18 per cent of people do not concern themselves with the costs associated with their holiday until they get back and close to 12 million British consumers end up in debt as a result.

In addition, the research found that younger generations - particularly adults aged 25 to 34 - are more likely to splash the cash and not worry about their personal finance issues when it comes to holiday spending.

Jim Hodgkins of Credit Expert said: "It's worrying that, as a nation, many of us have a 'me now, debt later' attitude to our finances."

"It's important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail," he added.

Meanwhile, figures compiled by Credit Action have shown that the overall personal debt level in the UK increases by around £1 million every four minutes.