Consumers Have Cash Concerns Over Holidays
Britons are increasingly prepared to borrow money in order to go on holiday, it has been revealed.
In research carried out by CreditExpert it was indicated that twice as many people are set to do get into debt upon their return from a break this year in comparison to 2007. According to the firm - which provides Experian’s online credit monitoring services - more than 2.5 million adults will be left in the red as a result of taking a trip abroad. In particular it appears those living in the north-east of England are especially willing to borrow in order to finance a vacation, with more than a quarter (27 per cent) of people in this part of the country claiming to get into debt due to spending on their holidays.
Meanwhile, a third of 18 to 24-year-olds report that pressure from their peers causes them to get into the red by choosing to go on holiday. The determination of Britons to go abroad was also revealed as 16 per cent of people believe that vacations are so important to them that they will only think about the financial impact of a trip abroad after they return home.
For those looking for an effective way in which to fund a holiday, taking out a low-cost personal loan might be recommended.
However, the impact of the credit crunch is also causing many consumers to put off going abroad altogether as research from the firm revealed that the difficulties experienced in the financial markets are causing about a quarter (24 per cent) of Britons to choose not go on holiday this year. Of such consumers, just under half (43 per cent) cite the credit crunch as the reason for them choosing not go away.
Meanwhile, some 68 per cent of those living in Scotland state that they simply cannot afford the money in order to go on holiday this year. The study also showed that 65 per cent of those in Wales and the south-west of England believe the impact the credit crunch has on their finances is preventing them from going away.
Commenting on the research, Jim Hodgkins, managing director of CreditExpert, said: “The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so. Due to the recent increases in the cost of living, we are seeing more people keeping a closer eye on their credit commitments using Experian’s credit monitoring service.”
Britons who are determined to go on holiday this year could find that a personal loan is an effective means of financing the trip of a lifetime. In obtaining a loan, it is possible borrowers can meet the cost of flights, accommodation and other travel expenses quickly leaving them with an affordable rate of repayment. Getting a personal loan could also be of help to those wishing to go on a driving holiday across the continent this year. In a recent article by Sheilas Wheels it was revealed that some 4.3 million people are planning on taking their vehicle to Europe over the course of this year, with over 1.5 million of these set to go for either a day trip or long weekend.
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