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Britons taking on debt to pay for holiday
21 July 2010
Research by moneysupermarket.com has found that more than five million Britons heading on holiday abroad this summer plan to take on debt to pay for their trip by using their credit card, headlinemoney.co.uk reports.
Kevin Mountford, head of banking at moneysupermarket.com, said: "The decision to borrow should never be taken lightly and consumers need to be careful that they don`t fall into a debt trap - they should never spend more on their card than they can afford to pay back. However, used responsibly, a credit card can be safe and a convenient way to pay for large transactions such as holidays and, provided they choose the right product could even generate some rewards to enjoy abroad."
A debt management expert for Gregory Pennington added: "Credit cards can offer protection for consumers booking their holidays should something go wrong. However, individuals should only take on debt using their credit card if they`re sure they can afford to repay it."
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