Holidaymakers could return home to consolidation loans

A large proportion of Britons get themselves in debt in order to enjoy jetting off to the sun each summer, causing many to need consolidation loans when they return.

According to research carried out by CreditExpert, 12 million people from the UK get themselves into debt in order to go on holiday, meaning a return to grey weather and a debt management plan.

Some 27 per cent of people use consumer credit, such as credit cards, personal loans and their overdraft to pay for their getaway and 20 per cent end up owing after every holiday they take, which could increase the need for debt consolidation with every vacation.

"It's worrying that, as a nation, many of us have a 'me now, debt later' attitude to our finances," said Jim Hodgkins of CreditExpert of the 22 per cent of people who simply lose track of their holiday spending.

"Missed credit repayments are likely to have a negative impact on your credit report, which means lenders may not want to offer you credit in future," he warned.

One in ten people never intended to go into debt while on holiday, the report found, and so consolidation loans could help organise the increased repayments they encounter on their return home.

eloans.co.uk - Homeowner financial services available online - secured homeowner loans