5 July 2010
Over a third (38%) of parents say they will end up in debt as a result of looking after their children during the summer holidays, a new survey has found.
YouGov carried out the survey on behalf of Turn2us - part of poverty charity Elizabeth Finn Care - to get a picture of the impact of the summer holidays on British parents` finances.
16% of parents interviewed said they will use a credit card to cover the cost of the summer holiday, while 14% will use their overdraft and 8% will borrow from family members.
31% said they cannot afford to go on a family summer holiday, but 11% said they would take their children out of school during term time because holidays are cheaper then.
A debt expert at Think Money commented: "Keeping the kids entertained during the long summer break can be costly, but it`s important that parents do what they can to stay within their means and avoid taking on debts they`re not confident they can pay back."
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