Sainsburys Finance claims 1 in 20 people take more than a year to clear holiday debt

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Sainsburys Finance claims 1 in 20 people take more than a year to clear holiday debt

Fri 3rd Sep 2010

Some holidaymakers are taking more than 12 months to clear the credit card debt accrued as a result of a holiday, according to Sainsburys Finance research.

A report by the firm indicated that five per cent of travellers will not pay off their balance for longer than a year, while another three per cent will take between 11 and 12 months.

The study showed that the majority - 58 per cent of respondents - clear their credit card balance within a month of receiving their statement, but this leaves 42 per cent of tourists who could be paying interest on the amount they spent to get away from it all.

Sainsburys Finance calculated that the average length of time that it will take Brits to clear such debts is 2.5 months.

Recently, research by MGM Advantage showed that many individuals have an unrealistic picture of what their retirement will be like, with 57 per cent of people responding to a survey saying they expect to take more holidays.

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