A third of Britons will go into debt to fund their summer holiday this year, according to new research.
More than 10 million adults (32%) will pay for this year’s holiday by using their credit card, a travel agent payment plan or borrowing cash from friends or family.
People will borrow an average of more than £1,200 or the equivalent of £12 billion in total.
Of those borrowing to fund their summer break, more than half (58%) do not have the money readily available to repay their debtors straight away, meaning they could face additional interest payments.
For credit card borrowers alone this could add over £100 to their holiday costs for each month it takes to repay the balance, the study by protection specialist Bright Grey found.
One in 10 will take more than two months to pay off holiday debts
But almost one in seven people (13%) said that they have to have a holiday every year, irrespective of their current financial situation.
The same proportion of the 1,499 people polled said they had to be seen by their friends to be taking a holiday every year.
Almost third of adults are planning to take their main summer holiday in the UK with less than one in 10 considering travelling outside of Europe this summer, the study found.
Nearly one fifth will take a bed and breakfast holiday, while almost one sixth prefer a tailor-made trip, with the average holiday duration of less than 10 days
It takes more than four months for the average holiday to be planned.
The study also revealed that more people value the need to go away over their job security, when questioned as to what issue was more important to them.
But the top two priorities for UK adults this year are personal health followed by financial security.
Roger Edwards, Bright Grey’s proposition director, said: “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.
“Planning ahead for the future financially can help avoid using expensive emergency measures to cover them for the short-term.”
Phil Davies