Consumers 'taking on debt to fund holidays'

Many consumers appear to be accessing insurance, banks and credit services for the purposes of funding their holidays.

According to research by R3, more than 2.3 million travellers have borrowed money as a means of financing their excursions.

While holidaymakers over the age of 65 are the least likely to carry out such a habit, those aged between 16 and 24 have less qualms about entering debt for recreational purposes.

Frances Coulson, vice-president of the organisation, said: "That people are prepared to take on a substantial amount of debt for such a long period of time in order to afford a holiday is worrying."

She also indicated that personal insolvency levels look set to increase in the months ahead.

The news may have been noted by anyone seeking insurance services this year.

Recently, Mario Lafond, director at BrightSet Media, suggested that many worthy businesspeople are not being given sufficient access to finance by banks.

Posted by Cheryl Bennett
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02/08/2010 17:40

News category: Consumer

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