Borrowing to fund summer holidays?

Published on

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

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Coventry cuts selected intermediary residential fixed rates

Coventry for intermediaries has reduced a number of residential fixed-rate products for new and...

Mortgage Advice Bureau completes acquisition of Dashly

Mortgage Advice Bureau (MAB) has completed the acquisition of technology and data company Dashly,...

The Buckinghamshire lowers rates across key ranges

Buckinghamshire Building Society has cut rates across a wide spread of residential and buy-to-let...

FCA finds protection market delivering good outcomes, says TPFG

The Property Franchise Group PLC (TPFG) has responded to the publication of the Financial...

Conditional selling remains industry flashpoint as enforcement lags

Conditional selling remains one of the most persistent and contentious issues facing the UK...

Latest publication

Other news

The Coventry cuts selected intermediary residential fixed rates

Coventry for intermediaries has reduced a number of residential fixed-rate products for new and...

Mortgage Advice Bureau completes acquisition of Dashly

Mortgage Advice Bureau (MAB) has completed the acquisition of technology and data company Dashly,...

The Buckinghamshire lowers rates across key ranges

Buckinghamshire Building Society has cut rates across a wide spread of residential and buy-to-let...