Friday, February 26, 2010
Category:
Consolidation
According to research by Santander Cards, unnecessary foreign exchange fees to the value of £122 million were incurred by Brits who used their credit cards abroad last year.
It was found that this significant sum was generated following £1.5 billion worth of overseas credit card payments – equivalent to £600 per traveller.
Santander points out that virtually all available credit cards are subject to a foreign exchange fee in the region of 2.75 percent on overseas purchases. However, this fee is reportedly ‘entirely avoidable’.
The research showed that 25 million Brits ventured overseas last year, with their average time spent abroad being three weeks of the year. Furthermore, it was discovered that in excess of 7.5 million travellers – equivalent to 30 percent – spent a minimum of four weeks abroad in 2009.
In terms of methods of payment whilst abroad last year, the research showed that practically five million people primarily relied upon credit cards for making overseas purchases. For eight million travellers, credit cards were reportedly their secondary means of payment.
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Homeowners who are currently juggling multiple credit card repayments each month could consider taking out a secured loan to tie these up into one place. One of many finance options available, a secured loan for
consolidation could allow a borrower to eliminate confusing, expensive credit card repayments by replacing them with a single monthly repayment. This new monthly repayment could even be lower than the sum of current outgoings thus leaving the borrower with more money each month – which could potentially be set aside for that next holiday. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
