Friday, July 17, 2009
Category:
Personal Finance Tips
According to new research by Abbey Credit Cards, British holidaymakers spend a staggering £1 billion purchasing goods that they have left at home.
In terms of the most valued holiday items, 65 percent of Britons admitted that they couldn’t do without their cameras whilst they’re away. Furthermore, 56 percent see their sunglasses as being essential, with swimwear being cited by 47 percent. Also ranking in the top ten came books at 43 percent, credit cards at 39 percent, and mobile phones / Blackberries at 35 percent.
Despite cameras and swimwear ranking highly on the list of ‘holiday essentials’, Abbey Credit Cards found these items to be the top two that went forgotten when holidaymakers were packing their suitcases last year. In fact, 65 percent of Britons failed to remember at least one of their essential items last summer – thus facing an average replacement cost of £39. Those between 18 and 34 years of age are looking at a higher replacement cost of £50, rising to £51 for Londoners.
Head of Credit Cards at Abbey, Callum Gibson, commented: "Holiday packing often falls to the last minute because of more pressing pre-holiday tasks, making it only too easy to inadvertently leave essential items at home. With British holidaymakers forking out the astonishing sum of £1 billion pounds replacing such items, however, we should maybe all just take a few extra minutes this summer to ensure we've packed everything we need before setting off for the airport.
"Four out of ten Britons view their credit card as an essential holiday item but it's important to use a card on holiday abroad that doesn't charge an exchange fee for converting transactions made in foreign currencies.”
In relation to these avoidable foreign exchange fees, recent research by Abbey Credit Cards has revealed that British holidaymakers are likely to face over £73 million worth of foreign exchange fees this summer.
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Homeowners who have had to rely on their credit cards to purchase essential items whilst on holiday could consider consolidating these debts with a
secured loan. A secured loan to consolidate debts could facilitate the re-organisation of finances by tying up existing debts into one place and subsequently relieving the borrower of their multiple monthly repayments. The new, single, monthly repayment could even be lower than current outgoings, thus freeing up useful money. However, when taking out a secured loan to consolidate debt,,, it must be remembered that this may increase the amount you pay back overall and extend the repayment periods of your debts. Secured loans are one of many options to consolidate debt.
