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Holiday spending means Brits get burnt

Around 12 million Brits get into debt as a result of splashing out on holidays, with just over one in 20 saying this happens after either most or all of their holidays, according to CreditExpert website.Credit is a popular way to pay for a holiday, with 27 per cent of people using either a credit card, loan or overdraft to finance their break.Of those whose holidaymaking puts them in the red, 18 per cent say their time away is more important to them than worrying about the cost at the time and 15 per cent say they would rather get into debt than disappoint their family with no holiday. Twenty-two per cent of people say they simply lose track of what they are spending while on their trip, with 26 per cent of men admitting to being frivolous on holiday and 18 per cent of women losing control of the purse strings once at their destination.Jim Hodgkins, managing director of, commented: "It's worrying that, as a nation, many of us have a 'me now, debt later' attitude to our finances. Most of us work hard and need a well-earned break, but it's important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail."He concluded: "Keeping a budget for the cost of the vacation as well as day-to-day holiday expenses will help you avoid going into debt."

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