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Holidays ‘place 2m in debt’
Monday, August 2nd, 2010More than two million people have placed themselves in debt by going on a holiday this year.
According to new figures from R3, 2,329,500 Brits had to borrow more than £1,000 - and they will spend around seven months paying it back.
Frances Coulson, vice-president of the insolvency trade body, described the trend as worrying.
The industry figure observed: "Personal insolvency hit record levels in the first quarter of this year and looks set to rise - so we’re urging people not to spend more than they earn."
Holidaymakers aged between 16 and 24 were the most likely to borrow cash to fund a vacation, while over-65s were less prepared to do so, the study discovered.
Mr Coulson added the finding proves saving, rather than spending, should be promoted among young people.
Get Safe Online recently warned of the dangers involved in booking getaways online after it found 30 per cent of web users do not check the validity of a site before paying for a holiday.
By James Francis
