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People 'should avoid debt by saving for holidays'
By saving for luxury purchases like holidays, people might be able to avoid debt issues, an expert believes.
Saving is something that the vice-president of R3, Frances Coulson, would like to see encouraged more in the future.
She said: "We must continue to promote the idea that saving, rather than borrowing, to pay for luxuries is the best way to avoid a life dogged by financial problems."
Her remarks follow the publication of statistics by the insolvency trade body relating to the holiday debt of UK consumers, which may interest those who have recently had to take out personal loans.
The body has revealed that an average sum of £1,130 has been borrowed by 2,329,500 members of the public so that they can meet this year's holiday costs.
In relation to UK businesses, separate R3 research has also shown that the country's construction sector witnessed 7,184 insolvencies while the recession was in full swing.