£5bn Credit Card debt predicted this year as Brits choose credit cards to fund holidays

5bn Credit Card debt predicted this year as Brits choose credit cards to fund holidays

A survey by Travelex, the foreign exchange specialist found that a record number of UK Brits are expected to use their credit cards to fund an overseas holiday this year, as concerns grow over their abilities to repay the debt.

The data obtained from the research showed that 26% of the population are intending to use their credit cards to book their holiday. 11% of those questioned advised that they had already booked their holiday with a credit card. The survey shows a 10% increase against the previous year.

An average debt of 400 per person will be paid by credit card, predicted to total 5bn for the year.

The biggest concern is that of that figure, how many people will choose an overseas holiday while in debt. One of the respondents of the survey said "I'm definitely more out of pocket than this time last year. But I'm determined to go away this year so I've just stuck it on the credit card and I'll worry about it later."

Being in financial difficulties can be very stressful and a popular remedy to a stressful situation is to take a holiday.

TrustDeedScotland.net, the leading Trust Deed provider in Scotland are urging people in this situation to resist the temptation to seek a quick fix holiday remedy and to look to prioritising the resolve their personal finances before they get out of control.

A spokesman for the Scottish owned and operated company commented "As the largest introducers of Trust Deeds in Scotland, we have spoken to many people with different sets of circumstances. We are sympathetic towards the needs of our clients and non-judgemental and we do appreciate that the stress of debt can cause people to take action that they would not normally have taken.

We do want people to consider the repercussions of booking an overseas holiday when they are in debt, as a holiday can be more expensive that what it normally seems. When you take into account the cost of food, entertainment and miscellaneous expenditure it all adds up."

If you are in debt and you feel that you are not in control of your finances there is free debt help available to you. If you reside in Scotland and owe over 10,000 towards unsecured debts like credit cards, you may be eligible for a Trust Deed.

The added advantage of a Trust Deed is that it uses official government legislation to write off up to 90% of your overall debt and allows you to be debt free in a typical period of 36 months. *

Some Trust Deed companies do not charge setup fees for their services, it is best to speak to a couple of companies before you decide which one is best for you and most reputable firms will have a face-to-face meeting and if you do look to use a Trust Deed to resolve your situation, again most reputable firms will employ qualified advisors and not pushy sales staff, who will answer your questions honestly and ethically.

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