The drop in the value of the pound since the Brexit vote has led to many Brits blowing their 2016 summer holiday budget, with nearly three-fifths sinking into debt, according to uSwitch.
Families overspent by an average of £491.78 this summer, uSwitch research reveals, with nearly half (45%) who blew the budget blaming the poor exchange rate for their extra spend.
A quarter said their final accommodation bill was more than expected.
One in three put the extra cost on a credit card, while one in 10 put it on their overdraft. Those who overspent on holiday say it will take an average of four and a half months to clear the debt.
Holiday overspending has taken its toll, with nearly half (46%) in a worse financial situation than before their holidays and a quarter (26%) saying they’ll have to reduce their spending this Christmas as a result.
Those who didn’t blow their budget said they curbed their spending while on holiday, putting a dampener on their getaway, with nearly a fifth (19%) dining out less, and another one in five (19%) buying fewer gifts for friends and family.
If the pound stays low, fewer holidaymakers will book next year as nearly half (49%) say they will delay going on holiday again until it becomes cheaper to buy foreign currency.
Tashema Jackson, money expert at uSwitch.com, said: "Many British consumers have been caught out by the weaker pound when travelling abroad this summer."
