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`Sun seekers` taking on debt to pay for holiday
According to figures from insolvency trade body R3, more than two million holidaymakers have taken on (on average) £1,000 of debt each to pay for their summer getaway, and will spend seven months repaying that debt, the Telegraph reports.
Scottish `sun seekers` are most likely to take on debt for this reason - 12% say they either already had borrowed or planned to borrow money to pay for their holiday this summer. Holidaymakers in the North West, Yorkshire and Humberside and the West Midlands are the least likely to take on debt to pay for their travels, at just 3%.
R3 vice-president Frances Coulson said: "Personal insolvency hit record levels in the first quarter of this year and looks set to rise - so we`re urging people not to spend more than they earn."
Figures from The Insolvency Service have revealed that 35,682 people in England and Wales were declared insolvent (entered an IVA (Individual Voluntary Arrangement), bankruptcy or a DRO (Debt Relief Order)) during the first three-month period of 2010. This is the highest level since records began back in 1960 and 17.9% higher than the same time a year earlier.
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