Summer spending ‘pushing parents into debt’

Posted 03/08/2011

Some Brits may be seeking the advice of an insolvency lawyer as a result of their summer spending habits.

New research conducted by moneysupermarket.com has revealed many people will get into debt during the warmer months as they try to find ways of entertaining their family.

A total of 22 per cent of parents said they will be taking out a loan to pay for family days out.

Furthermore, 76 per cent claimed they will use a credit card or go into their overdraft to cover the cost of activities.

Kevin Mountford, head of banking at moneysupermarket.com, said: “Families need to examine all options before planning their summer fun or they could be left feeling the pinch for many months to come.”

To add to their worries, recent research conducted by Post Office Savings discovered 93 per cent of Brits are concerned about rising inflation and the negative effect this will have on their savings.

The team at Ashtons Legal can offer professional advice to anyone facing the prospect of insolvency.