Book a last minute deal to avoid holiday debt problems
Book a last minute deal to avoid holiday debt problems
- Thursday, 2 September 2010More holidaymakers are deciding to book their vacations at the last minute in order to save money and avoid getting into
debt problems.
According to Sainsbury's Finance, 1.28 million consumers booked their summer holiday less than two weeks before going on them, which saved them hundreds of pounds.
Of these, 818,000 left a week or less between booking and jetting off abroad this summer.
However, consumers could still get into
debt problems as £5.46 billion has been put onto credit cards in order to finance a holiday by the nation as a whole.
Only 58 per cent of those that have put money onto a credit card intend to pay it off within a month.
Those who do not will be accruing interest on the money they spent to go on holiday, which means more debt will have to be repaid.
Stuart McKeggie, head of Sainsbury's credit cards, said: "If you don't think you will be able to clear this within a month, you should consider taking out a new credit card that offers an attractive interest-free period on purchases."
Nationwide customers could also run into financial difficulty while abroad as the building society is to start charging two per cent on all purchases from November 1st.

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