Not that long ago we wrote about how many of us were planning to ignore the credit crunch and go on holiday.
That was because many of us would rather spend less on our everyday luxuries than deny ourselves an annual holiday.
Now its emerged that over 2.8 million of us will get into the red just to get that all important break.
It’s clear that in the current economic climate, we are desperate to get away!
However, nearly 25% of us are shelving our holiday plans this year, with 43% of us worried about the impact of the credit crunch on our finances according to a study on holiday spending by CreditExpert.co.uk, the online credit monitoring service from Experian®.
Those of us who do choose to take a break will pay the price, with over 2.8 million of us getting into debt each time we go away; twice as many as this time last year.
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Those of you living in Wales and the South West are the most concerned about the credit crunch hitting your finances and are trying to cut back on spending; 65% of you in these regions cite this as the main reason for not planning a holiday in the next twelve months.
In Scotland, the main reason for not planning a holiday is affordability, with 68% per cent of you Scots saying you are unable to stump up the cash for a break.
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The research also revealed that:
- 18-24 year olds are most worried about letting people down with 33% saying they succumb to peer pressure to go on a holiday which then pushes them into debt
- People in the North East of England are the most likely to go into debt from holiday spending
- 16% of us admit that holidays are so important that we only think about the money we have spent when we return home
Share and share alike
1 in 5 of us are cutting back by choosing to share a holiday with family or friends rather than do without a break. This figure rises to 37% of 18 – 24 year olds, who are likely to be going back to family holidays this year to get their summer sun.
Jim Hodgkins, Managing Director of CreditExpert.co.uk, says:
“The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so. Due to the recent increases in the cost of living, we are seeing more people keeping a closer eye on their credit commitments using Experian’s credit monitoring service.”
CreditExpert provides you with a summary of your credit status and alerts you to significant changes on your credit report. You can get your free credit report with a 30-day trial at www.creditexpert.co.uk.
So, are you desperate to go on holiday but worried about getting into more debt?
What do you plan to do to make sure you get the time off you need?