Millions of people are expected to build up credit card debts this summer as they set off on holiday, it has been claimed.
Research by Bright Grey has shown that 32 per cent of British adults will add to their credit card debts as a result of booking their summer getaways .
Furthermore, 58 per cent of these people will be unable to pay off their credit card debts immediately, meaning they could incur large interest charges.
Roger Edwards, proposition director at Bright Grey, 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 and also mean that everyone can enjoy the sun without the grey cloud of debt hanging over their heads.”
Using a credit card zero per cent interest on purchases for a number of months could help to keep down the costs of paying off debts.