/24-7PressRelease/ - LONDON, UK, June 06, 2007 - Recent research shows that a lot of Britishers fall into debts while going for vacations. Figures from credit reference agency, Credit Expert point out that 18 per cent of people are not aware about the implications of the total cost of their holiday expenses. Therefore, nearly 12 million British consumers are in the debt pool in the end of 2006.
The spending and borrowing attitude reflects a particular age group. According to the research, the younger generations consisting of young adults from 25 to 34 years of age are more likely to splurge during their vacation without worrying about their personal financial issues.
"It's worrying that, as a nation, many of us have a 'me now, debt later' attitude to our finances...it's important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail," Says Jim Hodgins of Credit Expert.
And, that's not the only reason fro worry; figures compiled by Credit Action show that every four minutes, there is a 1 million increase in the overall personal debt level in the UK.
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