Monday, February 15, 2010
Category:
Consolidation
According to research conducted by Santander, the typical British traveller significantly relies upon cash to pay their way whilst overseas – irrespective of whether trips are for business or pleasure.
Findings have shown that 51 percent of Britons ventured abroad last year, with 52 percent utilising cash to fund most of their purchases. Credit cards were found to be the second most popular means of payment at 20 percent, followed by debit cards at 15 percent. Just 5 percent of Brits reportedly use traveller's cheques, which is the same percentage with foreign currency accounts.
The research also uncovered that the average sum of money spent by each person overseas is £207 per week, and 47 percent of British travellers withdraw three quarters of this sum (£147) from ATMs.
Santander has pointed out that making cash withdrawals from overseas ATMs typically involves paying a 1.5 percent (minimum of £1.99) cash handling fee and a 2.75 percent foreign exchange fee. Therefore, a Briton who makes a single foreign currency withdrawal of £147 could incur a cost of £6.25 – rising to as much as £8.02 across two separate transactions. It has been calculated that a family of four would spend £1,656 during a fortnight’s holiday, which could cost them as much as £73.64 in charges.
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Homeowners who are in the process of reviewing their finances – perhaps following a holiday aboard – could consider taking out a secured loan to consolidate any existing debts. One of many finance options available, a
secured loan for debt consolidation could allow borrowers to tie up all their personal debts into one manageable monthly repayment. Not only would this eliminate the need to juggle several debt repayments each month, but it could also leave borrowers with more money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
