Parents worry about debt this summer

Friday, 05 August 2011

Many British parents believe that they could be pushed into debt by overspending on summer holidays this year.

This is according to research by moneysupermarket.com, which revealed to travel insurance customers that nearly a fifth of mums and dads stated that paying for activities during the six-week break could push them into the red.

On top of this, around 14 per cent of parents said they will take out a loan to fund the cost of family days out this summer.

Kevin Mountford, head of banking at moneysupermarket.com, added: "Keeping the kids busy can be an expensive business. Families need to examine all options before planning their summer fun or they could be left feeling the pinch for many months to come."

Recently, research by uSwitch.com revealed to travel insurance customers that Brits risk running up over £457 million in fees for using their credit or debit cards while abroad this year.

Posted by Claire Carter

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