Lamport Bassitt Solicitors - Legal News - Holidaymakers 'putting themselves in debt'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Holidaymakers 'putting themselves in debt' More than two million holidaymakers have put themselves in debt in order to make their getaway trip, it has been claimed. Figures published by R3 showed that a large number of travellers have borrowed more than �1,000 in order to finance their excursion. Moreover, this money will typically take seven months to pay back. Those seeking personal insolvency services might have noted to news from the organisation, which also indicated that holidaymakers between 16 and 24 were most likely to borrow. Commenting on the figures, Frances Coulson, vice-president of the organisation, stated: "Personal insolvency hit record levels in the first quarter of this year and looks set to rise - so we're urging people not to spend more than they earn." She also described the levels of debt as "worrying", particularly when the current economic situation is considered. That said, research from Santander Current Accounts suggested that four in five UK citizens are cutting their outgoings. Posted by James Walsh Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News