UK Residents Willing To Fund Summer Travel With Debt

The credit crisis isn’t stopping millions of British people from taking a summer vacation. A new study says more than ten million Britons will simply fund their trips with debt. And the reason may not be because they need escape from the stress of every day life. About 13 percent say they’re taking vacations because their friends are.

The new study was conducted by Bright Grey, according to The Telegraph, and also found that summer travel is more important to Britons than job security. Roger Edwards, proposition director at Bright Grey told the Telegraph, “If people do feel pressure to keep up with ‘the Joneses’ it is important that they don’t do this at the expense of their financial security. Being in debt can be incredibly stressful and can take the sunshine out of a holiday if it means you spend the whole time worrying about your wallet.”

One in ten say it will take them more than two months to pay off the debts racked up from their summer trips.“Getting away on holiday can be a high point of the year for many people, however with one in three borrowing to pay for their getaway, it is important to make sure they don’t end up with a financial holiday hangover on their return,” Edwards told reporters. A third plan to take their vacations within the UK.