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Credit card charges: Consumers rack up debt for holiday

Britons are willing to accrue credit card debt in order to go on holiday, according to new research.

A survey by life insurance firm Bright Grey found that almost a third of UK adults will be in debt following their summer break.

The majority of consumers intend to borrow money on their card, through a travel agent payment plan or get help from friends and family.

Roger Edwards, proposition director at Bright Grey, said: "Getting away on holiday can be a high point of the year for many people, however, with one in three borrowing to pay for their getaway, it is important to make sure they don't end up with a financial holiday hangover on their return."

Consumer website moneyfacts.co.uk advises consumers to sign up to a credit card which offers an interest free period on spending to give holidaymakers more time to pay off their debt.

For those who already have a credit card, the site recommends a zero per cent balance transfer card so users can transfer the debt to their existing card.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800001239-ADNFCR



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