Borrowing to fund summer holidays?

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A new survey conducted by Bright Grey has found that 32% of UK adults (totalling 10 million people) are building up debts in order to pay for their sumer holiday.

The research from the protection firm reveals millions will pay for this year’s holiday by using their credit card, a travel agent payment plan or borrowing cash from friends or family.

Of those borrowing to fund their summer break, 58% do not have the money readily available to repay their debtors straight away, meaning they could face additional interest payments. For credit card borrowers alone this could add over £100 to their holiday costs for each month it takes to repay the balance.

When questioned as to why they borrowed money to pay for their holiday, 13% said that they have to have a holiday every year, irrespective of their current financial situation. 13% of socially conscious respondents said they had to be seen by their friends to be taking a holiday every year.

The study also revealed that more people value the need to go away over their job security, when questioned as to what issue was more important to them. However, the top two priorities for UK adults this year are personal health, followed by financial security.

Roger Edwards, proposition director at Bright Grey said: “Getting away on holiday can be a high point of the year for many people

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