Britons less comfortable with debt after holiday spending
Sep 26, 2006
Personal credit confidence has dropped, with the number of borrowers who are uncomfortable with their debt rising by two per cent to 15 per cent over the third quarter of the year.
However, the vast majority of borrowers (76 per cent) still say that they are comfortable with their level of borrowing, the latest Personal Credit Index from CreditExpert reveals.
One reason for the fall in confidence could be that increasing numbers of Britons have borrowed money to pay for their summer holiday, with 15 per cent confessing to doing this.
The most popular form of borrowing to finance a holiday was with a credit card, with 14 per cent of holiday makers paying for their trip this way.
Around one third of those who paid for their holiday using a credit card said that they didn't expect to pay off the borrowed amount at their next statement, while 14 per cent said that it would take them four to six months to pay off their credit card bill.
The managing director of CreditExpert said: "Getting carried away and overspending a little on holiday is something nearly everyone has experienced, but the latest Personal Credit Index reveals a worrying picture of people failing to budget for their holiday costs or plan their repayments, meaning they could be repaying holiday borrowings well up to and beyond the Christmas period
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