You are here: Home - Saving & Banking - News -

Brits using cash for holiday payment

0
Written by:
14/07/2008

Credit-crazy Britain seems to be acting a lot more responsibly when it comes to overseas holidays, according to Moneysupermarket.

Rather than relying on loans, overdrafts or a bigger credit card debt, Brits are buying their holidays with their savings or current accounts or with credit cards that they pay off in full.

The research only found 11% of people incurring any interest to pay for their next holiday. Around 69% of people will be using money they already have available.

Kevin Mountford, head of savings at Moneysupermarket, said: “With our ‘buy now-pay later’ culture, I had expected the level of borrowing to fund holidays to be higher.

“It looks as though the credit crunch is making people more responsible when it comes to their money, which is a big silver lining for the current cloudy economic conditions.

“While holidays are important to us all, a little more thought is going into people’s planning – with savings being built up to fund them.

“People do build savings and current account pots for various reasons – and it looks as though holidays are a major beneficiary of this.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Credit crunch hits Bank of Mum and Dad

Research from AXA reveals that the Bank of Mum and Dad has been forced to cut back spending on children...

Close