Save for a holiday instead of borrowing to avoid debt problems
Save for a holiday instead of borrowing to avoid debt problems
- Tuesday, 3 August 2010Consumers planning to go on holiday this year should save up to pay for it rather than borrowing money as this could lead to further
debt problems.
The Consumer Credit Counselling Service (CCCS) is advising Brits to save up as much as possible or to consider how they will repay a loan if they take one out to pay for a holiday.
Una Farrell, media relations manager for CCCS, said: "Having a holiday is an important way to deal with the stresses of everyday life, so it shouldn't be something that adds to those stresses by leaving you with a
debt problem."
She added that some people take out credit to pay for a holiday as a break from everyday life is important to consumers.
Her comments follow the release of figures by R3, the trade insolvency body, which showed that over two million consumers have had to borrow money in order to go away this year.
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