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Holiday debt `a problem for millions of Britons`

09/07/2007

Millions of Britons set off on their next holiday before they have finished paying for their last one, according to new research.

Some 4.2 million people, or ten per cent of the population, have adopted this approach of adding more holiday debt before they take care of what they already owe, a survey by Alliance & Leicester Savings reveals.

Additionally, the study found that more than one-quarter of respondents spent more than they meant to on their last holiday.

Of those who overspent, one-fifth said they put the extra amount on their credit card, while admitting that they had no way of paying off this debt.

"It`s easy to get carried away with the holiday spirit, as we all want to make the most of our time away; however, many holidaymakers run the risk of letting their holiday dreams turn into a potential financial nightmare," said Ross Dalzell, manager for savings at Alliance & Leicester.

In related news, research from Scottish Widows recently indicated that more than 60 per cent of people in Scotland are not honest about how much they spend on clothes.

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