British holidaymakers prepared to increase their debts

It has been revealed that up to £12 billion will this year be borrowed by UK holidaymakers to cover the cost of an overseas holiday. This comes despite the fact that personal debts in the UK have reached levels the likes of which we have never seen before and more and more people are forecast to stare bankruptcy in the face over the next 12 months. But why are UK consumers willing to increase their debts purely for the sake of a holiday?

Whether or not a holiday is seen by many in the UK is a necessity rather than a luxury is debatable but the truth is that many people in the UK are still blissfully unaware of how difficult the economic environment will be for the foreseeable future. We are currently in an economic situation the likes of which we've never seen before and governments around the world are still scratching their heads with regards to how the situation can be rectified. However, in the meantime as consumers rack up more and more debt, this will make an economic recovery even more difficult and push many people into the financial abyss.

Would you be prepared to risk your financial future for the sake of two weeks in the sun?