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Summer holidays push families into debt

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Summer holidays push families into debt

Many holidaymakers may start looking for cheap international money transfers ahead of travelling abroad after a new survey revealed that families fall into debt on trips.

One in five parents are pushed into debt by summer holiday spending, which has led to many households cutting costs in a variety of ways.

Four in five households plan to go on family days out in the UK this summer, while 37 per cent turn to local free attractions to deal with the burden.

Research conducted by moneysupermarket.com found that 76 per cent of families will be using a credit card or overdraft facility to fund their summer holidays, while 22 per cent will be taking out a loan.

Kevin Mountford, head of banking for the group said: "With the school holidays upon us, many parents will be looking for ways to entertain their families - and unfortunately, keeping the kids busy can be an expensive business."

He suggested that families carefully plan trips and summer activities and examine all options to identify savings.

Simon James, head of shopping and vouchers, added: "No matter how parents intend to fund their holidays, consumers will find that a little planning and shopping around can really make a difference."

Families could make "big savings" by shopping around and taking advantage of special offers and vouchers, according to the expert.

The group issued top tips for saving money on a local or international holiday this summer, including booking in advance, taking advantage of free attractions, preparing your own meals and cashing in shopping rewards.

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