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Survey reveals extent of holiday debt

New research has shown that for many Britons, the cost of a two-week summer holiday can prove to be a financial burden throughout the year.

According to the survey by MoneyExpert.com, around 1.4 million UK holidaymakers are still paying interest on debt for last year's summer break.

In addition, 926,000 people took a year to clear the debt from their 2006 vacation – just in time to head off for this summer's getaway, although on average people who borrow money to pay for a holiday take 3.8 months to clear the debt.

"Anyone with debt problems needs to cut the amount they are paying each month and to draw up a plan to become debt-free," said MoneyExpert chief executive Sean Gardner.

"That should include switching debts to more competitive credit cards and consolidating debts into a personal loan," he added.

According to recent research by the Motley Fool, 39 per cent of consumers take out a personal loan in order to consolidate existing debts.

See how much you could save with a debt consolidation loan from Lombard Direct.

30/07/2007 16:44:54

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