Abacus Daily Debt News

Holidaymakers ’should save, not borrow’

People could avoid the need for debt management help by saving for a holiday rather than borrowing money to fund it, an expert has suggested.

Una Farrell, media relations manager for the Consumer Credit Counselling Service, advised people using their own cash is the most sensible option to pay for a vacation.

The industry figure was speaking in response to figures released by R3, which revealed more than 2.3 million people borrowed amounts in an effort to get away.

Ms Farrell said taking a break “is an important way to deal with the stresses of everyday life, so it shouldn’t be something that adds to those stresses by leaving you with a debt problem”.

She added those taking out a loan should think carefully before doing so.

According to another recent press release for R3, 38 per cent of Brits are aiming to spend less while on holiday this year, while 56 per cent have opted to not head abroad in an effort to save the pounds.

By James Francis