Monday, September 14, 2009
Category:
Secured Loans
According to GE Money Home Lending, 4 percent of Britons have booked a last-minute foreign get away, which equates to 1.8 million people.
However, experts have warned that not shopping around for the best deal could leave holidaymakers paying up to 140 percent more for a two-week family break.
Furthermore, the research uncovered the fact that 1.98 million people are still paying for last year’s holiday. The average debt for this purpose stood at £1,012 in 2008, which amounted to a combined sum of £2 billion. A large proportion of this can be attributed to not searching the market for cheap deals, on flights for example.
In addition to the 1.8 million people that are soon to be going abroad, findings revealed that 4.6 million are still in the process of deciding whether or not to follow suit. It was found that London is home to the greatest number of people with plans to travel overseas at 8 percent, whilst 16 percent are contemplating the idea.
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Homeowners who are still repaying last year’s holiday debt, and perhaps credit cards to boot, could consider taking out a secured loan to tie these borrowings up into one place. A secured loan for debt
consolidation could leave individuals with a single monthly repayment rather than having to juggle several. New monthly outgoings could potentially be lower than they are currently, thus leaving the borrower with a little extra each month. 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.
