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It is apparent that, despite the precarious debt management position of many consumers, most people are unwilling to sacrifice their summer holidays.

New research shows that as many as 12 million people borrow money in order to take a break abroad and they end up paying for it well after returning.
CreditExpert.co.uk, an online credit monitoring service, carried out research which found that credit cards, loans and overdrafts are the most popular ways of getting together the money for a trip.

Shockingly, six per cent of respondents admitted to going into debt most or every time they go on holiday, with 18 per cent believing that an annual holiday is so important that they do not think about the money until they return.

Once on holiday things do not get any better, with 22 per cent revealing that they lose track of how much they are spending.

“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 with personal debt now growing by £1 million every four minutes, John Hall, chief executive of Newtomorrow, said people with outstanding debt who paid for holidays on credit are digging themselves deeper into a hole.

Hall said: "A lot of people see summer holidays abroad as an absolute necessity which they can't go without and even if they can't afford to pay for it they'll take on more debt just so they can get away.

"The problem with this approach is that, very often, the people who'll pay for their 2007 holiday using credit did the same last year and, by taking on more credit to pay for this year's holiday, they're adding debt on top of more debt."

More than ever, people simply pay off interest with their monthly repayments, so the original amounts borrowed are undiminished month-to-month.

Here are a few tips to still have a break but on a budget:-

  • Collect the tokens from the sun newspaper for a caravan break.Take it from one who knows, I thought this was not the best idea. I was expecting some small dingy caravan with a pull down bed. How wrong could one be, the caravans were modern, spacious with all mod cons. The site facilities were brilliant and catered for a wide range of ages. The children had a fantastic time and we had a relaxing break, all for £9.00 per person. Who says you can’t have a fantastic break on a budget.
  • Use the internet to take up cheap flight options, remember that cheap flights do not always work out cheap, once all the taxes and charges have been added. However, Ryanair has been doing a great deal on last minute breaks with loads of flights for a £1 with no taxes and charges to be added.
  • Again use the Internet to research holidays and flights and then take a trip to your Travel agent. It's tough out there for travel agents. They have to compete with the internet. So use this to your advantage. Do some research into prices first and then challenge them to create you a package that includes a serious discount.

With thanks to creditexpert.com and nettomorrow

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