More than a third of British parents fear they will fall into debt this summer as a result of taking care of their kids during the long school holidays, new research has found.
A survey carried out by YouGov on behalf of the Elizabeth Finn Care charity Turn2us revealed that one in seven parents believe they will be more than £500 in debt by the time the school holidays are over.
Of those surveyed, 16 per cent said they will use a credit card to cover the cost of the summer holiday period, while 14 per cent said they intend to use their overdraft facility and 8 per cent will rely on hand outs from family members.
A further 1 per cent of the 5,000 parents questioned alarmingly said they would turn to illegal doorstep loans for cash, despite the extortionate interest rates charged on such loans .
The YouGov research also found that 31 per cent of families cannot afford to go on holiday this summer, with 11 per cent of parents admitting they plan on booking a family break during school term time as it is much cheaper.
Parents Worried About Falling Into Debt During Summer Holidays
Tue, 06 Jul 2010
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