Debt solutions for summer holidays

The school summer holidays are going to be very different this year as parents struggle with debt problems.

The Elizabeth Finn Care charity surveyed parents with school-aged children and revealed that a third (31 per cent) of families won’t be going on a summer break this year in order to prevent the need to find debt solutions come September.

However, almost four in ten (38 per cent) have admitted that their fear being in debt by the end of the holidays, whatever they do.

Of those who are planning on taking a summer break, one in six (16 per cent) parents plan to build up credit card debt, one in seven (14 per cent) will rely on their overdraft, whilst one in twelve will go so far as to borrow money from their family.

Kevin Still, director of Atlantic Financial Management, says: "School holidays can be the lead up to debt pressures in the Autumn where the costs of holidays and the repayment of non-essential expenditure on credit cards can catch up.

For many, especially mothers working part-time to fit around their kids holidays, this may also mean a loss of income during this period. debt advice may be necessary if you aren't able to manage your debts."

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