Post summer holiday blues leave Brits in debt

The summer is now coming to an end and your disposable cash is probably disappearing as quickly as your new tan. 

Mounting debt is piling up after a summer of spending and Brits are starting to feel the autumn chill in their wallets. 

Almost a fifth of holidaymakers admit they will be paying for their 2011 summer holiday in 2012.

The holiday hangover leaves 31% of Brits admitting they spent too much money. Further research from a price comparison website found that only two-thirds of holidaymakers come home feeling relaxed and refreshed.

New research from Aviva has found that monthly incomes have fallen by 2% between May and August 2011, and with the rising cost of living this leaves many facing a depressing winter of debt.

95% of families are worried about their finances. The average UK family now has debts of £79,816, including a mortgage and unsecured borrowing.

The average family with unsecured debt spends 9% of its income on repayments, with high inflation dramatically increasing on essentials such as food and fuel. This leaves little excess funds for households to spend.

Louise Colley, head of protection for Aviva, said, ì Faced with rising costs and largely static salaries, UK families are more worried than ever about their finances. We therefore urge people to turn this awareness into action and seriously consider some form of protection which can offer peace of mind against the unexpected.”

Value for money concerns topped the list of holiday spoilers for Brits, with 31% saying things cost much more on holiday than they thought they would.

Many travellers are now suffering from post holiday debt, despite the fact that 71% of people where choosing cheaper accommodation and 6% planned to spend less money once on arriving at their destination.

Trying to stick to a budget and manage money efficiently can be difficult with debt pressures.

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