The sun is certainly a rare commodity in Britain so for decades now Brits have gone to great lengths to have a bit of sun for at least a few weeks a year. However, in this tough economic climate it seems that many people are trying to get away at any price even if they do not have the money upfront to pay for it. 

However, this strategy of getting into debt to go on holiday may well lead many into a cycle of debt as over half admit that it would take over a year to pay off the debt. This could potentially mean that by the time they have finished off paying the debt from one holiday they may have to start paying off the next holiday debt. But perhaps more worrying is how people accessed the credit in the first place. The most popular option used by the majority of respondents is a credit card followed by a loan and borrowing from friends and family. Credit cards, although maybe the most convenient option, can be far more expensive in the long-term than the alternative options.

The majority of respondents (68%) also suggested that they regularly borrowed money to fund a holiday, while about 33% suggested they had only done it once. If you fall into this category, its worthwhile looking for the cheapest credit options to make sure that repayments are affordable and that you do not fall into a cycle of debt over a bit of sun.