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Brits using cash for holiday payment

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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.”

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