Travelling into debt trap

HOLIDAYMAKERS are going into debt for their next trip, according to research by Finder.

A nationally representative survey of 1086 respondents revealed one in eight (12 per cent) Australians planned to borrow money to pay for their next getaway.

This means 2.3 million holidaymakers will return home to debt.

The research found 7 per cent planned to use a credit card to pay for their next trip, while 3 per cent would rely on buy now, pay later services to fund travel plans.

A further 2 per cent of Aussies will take out a personal loan or borrow money from friends and family.

More than half of Australians (56 per cent) use savings when booking holidays.

Men (15 per cent) are more likely to rely on credit to fund a holiday than women (10 per cent).