Brits borrowed an average of £1,581 per person to take their holiday this year – an increase of 40 per cent form last year.
Statisticians are R3 estimate that it will take an average of nine months to repay the debt compared to just seven months at the some point in 2010.
Frances Coulson, president of R3, said inflationary pressures have squeezed disposable income which has led to more individuals getting into debt rather than cutting back.
She added: “Spending today and repaying tomorrow can have consequences, with more than a quarter of insolvencies occurring as a result of individuals living beyond their means.
“With debts to pay, fuel price hikes and rising prices of everyday essentials, household budgets will come under increasing strain over the coming months.”
According to the research, one in 10 people in the 16-24 year old age bracket are believed to have taken on more debt to fund this year’s getaway, making this demographic statistically more likely to borrow for this purpose than any other group.