Thursday, February 25, 2010
Category:
Personal Finance Tips
Moneysupermarket.com is advising travellers to ensure that they have a competitive deal on foreign currency.
It is believed that a competitive deal can make a significant difference to holiday spending – particularly whilst the pound is weak. Therefore, travellers are being urged to carry the right card with them whilst abroad.
Furthermore, the price comparison site has recommended avoiding the bureau de change at the airport. Instead, it is reportedly possible to make a £68 saving by utilising a leading debit card for cash withdrawals whilst holidaying in Europe. However, it has been pointed out that although paying for purchases via credit or debit card may be convenient and cost efficient whilst abroad, different providers charge users in varying ways. Furthermore, using an inappropriate product could result in mounting costs.
According to Moneysupermarket.com, prepaid cards are becoming increasingly popular amongst travellers. Prepaid cards can be topped up with currency prior to venturing overseas and can be used as per debit or credit cards, which can be particularly useful for those wanting to stick to a budget whilst away. It is thought that the majority of prepaid cards offer an ‘excellent rate of exchange’ though they will vary, with some being better than others. Therefore, consumers are urged to shop around to be sure of the best deal.
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Homeowners who are looking to re-organise their finances – perhaps as a result of accumulating several credit cards in the past – could consider taking out a
secured loan. One of many finance options available, a secured loan for debt consolidation could allow borrowers to tie their existing debts up into one management monthly repayment. Furthermore, this single monthly repayment could even be lower than the sum of current outgoings. However, when taking out a secured loan for debt consolidation, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
