Monday, August 31, 2009
Category:
Consolidation
New research from Santander Cards has revealed that people are cutting their average budget by £256 per person per week.
The primary cuts being made by holidaymakers are eating out and spending money. The proposed cuts are said to dramatically reduce overall holiday budgets.
84% of Britons are intending to go away this year. Nearly half will maintain the budget they had last year and 12 percent are actually in a position to spend more this year. A quarter of those planning to go away this year intend to reduce their holiday spending and on average, this equates to £256 per person per week.
Sticking to a budget is not possible for one in four Britons who admit to going over the figure they set. The average amount by which they overspend is £117 per week and those aged 18 – 34 are most likely to overspend by an average of £123.
20 percent of holidaymakers say they do not overspend at all, and 53 percent say that they stick to their budget. Eating out is the largest holiday cut back. Second to this is spending money and lastly travel arrangements. Local trips and travel arrangements to and from the holidaymakers destination also see some sacrifice.
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Homeowners who have used credit cards or personal loans to fund recent holidays, and who would like to consolidate these, could consider doing so with a secured loan. A secured loan is one of many options to
consolidate debt and could be used to place all outstanding debt into one place. Rather than making several repayments on different dates, with a secured loan for debt consolidation there is just one. It is however important to remember, when consolidating debt with a secured loan, consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
