Credit crunch hits holiday plans

The credit crunch is impacting on the ability of Brits to go on holiday, it has been revealed.

A survey conducted by CreditExpert.co.uk, the online credit monitoring service from Experian, shows that 24 per cent of British adults have gone as far as to cancel their summer vacation due to financial concerns.

However, a significant number (16 per cent) will still be going on holiday in the next few weeks regardless of their financial position - and admit that they will only consider the impact of their trip on their bank balances on their return.

People from the north-east of England are most likely to fall into debt as a result of a holiday, while people from Wales and the south-east of England are most likely to reassess their holiday budgets in the wake of the credit crunch.

According to Jim Hodgkins, managing director of CreditExpert.co.uk, Britons need to carefully consider the implications of a holiday before setting off for the airport.

"The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so," he commented.

Jim McCulloch, manager of the Argyll Caravan Park on the Duke of Argyll's estate near Inverary, revealed recently that the credit crunch had coincided with a marked increase in demand for caravan holidays.

Those considering a caravan expedition should remember to take out adequate caravan insurance.

23/07/2008 17:47:16