A leading industry expert has warned that many holidaymakers propel themselves into debt because of annual trips abroad with no less than 12 millions Britons living beyond their means in quest of the perfect holiday.

The survey by Issos MORI, on behalf of a credit monitoring service, reveals that 27% use a credit card, take out a loan, dig into an overdraft or even borrow from relatives to finance their holidays. More than 2.5 million adults (around 6%) admit they get into debt most or every time they take a holiday.

Many people (around 22%) reveal that it is the cost of holidays that force them into financial difficulties with 18% admitting they don't think about the cost until they get home and 9% failing to keep track of what they spend. A lot of people tend to see holidays abroad as an absolute necessity which they must have even if they can't afford it and take on more debt just so they can get away. By using credit to fund their holiday each year they are adding debt on top of more debt with warnings that the nation is heading for a credit meltdown.

With people continuing to pay for summer holidays and such like with credit cards and loans, the worse the credit situation will become. If they miss payments they will suddenly find they have lots of creditors looking for money which they have no hope of repaying.

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Article referenced from http://www.onlyfinance.com/Debt/Dont-break-the-bank-to-take-a-break.aspx