Debt Woes Forcing Brits To Abandon Summer Holidays

Fri, 24 Jun 2011

More than 17 million Britons will not take holiday this summer in a bid to reduce expenditure and cut debts, according to a new report by ING Direct.

A survey by the finance group found that 17.7 million hard-pressed Brits (nearly 40 per cent of the UK population) have forfeited their summer break to help balance their household finances .

The figure is up by 2.7 million on the number ditching a summer holiday in 2008 when the credit crunch was at its peak.

Of those who do intend to take a holiday this summer, the research found that many plan on cutting their budget, with more than half of holidaymakers saying they would spend less than usual.

In addition, more people plan to dip into their savings to pay for their holidays instead of putting the cost on credit card and increasing their unsecured debt .

"It’s clear that a tough economic climate is causing consumers to pull off a very difficult balancing act – cutting down on debt while dealing with rising prices, so it’s not surprising that the summer holiday is often being sacrificed," ING Direct chief executive Richard Doe said.

"However, it is certainly a good thing that consumers are adopting a more sensible approach to holiday planning, saving in advance for their trips, rather than entirely relying on the plastic."
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