Tuesday, October 20, 2009
Category:
Secured Loans
According to Halifax research, 72 percent of Brits were planning to finance their summer holiday with their savings.
Furthermore, it was revealed that 49 percent have chosen to take a break on their home ground, with those living in Anglia being most likely to do this at 80 percent. However, 53 percent of those between 16 and 24 years of age are planning a European trip, whilst 42 percent of those between 45 and 54 years of age are planning to travel even farther.
With regard to expenditure, it was reported that 44 percent of individuals are expected to spend between £200 and £500 on their getaway, whilst 28 percent are likely to spend between £500 and £1,000. An additional 15 percent are reported to be looking at a figure over £1,000 per head. Nevertheless, Halifax found that 43 percent of Brits are not spending as much on their holidays this year.
In relation to methods of payment, findings show that 72 percent of Brits are turning to their savings, and 54 percent are utilising their monthly income. A further 27 percent are reportedly relying on their credit cards, whilst 10 percent are having their holidays paid for by another person.
Amongst those who have been saving up for their holiday, the research revealed that 83 percent have been putting money away on a monthly basis, and 31 percent have been contributing larger sums when they have been able to. It is thought by 82 percent that these savings will cover ‘additional spending’ throughout their holiday.
Head of Halifax Savings Products, Flavia Palacios Umama, commented: 'It is great to see that so many people are saving towards their annual holiday which should give them a real sense of achievement on a well deserved vacation. This leaves them free to enjoy the sunshine and not worry about a financial holiday hangover when they get home'.
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Homeowners who are financially restricted amid the challenging economic environment, could consider taking out a secured loan. One of many finance options available, a secured loan for debt
consolidation could be used to tie up any existing borrowings that may be proving expensive and confusing each month. By consolidating personal loans and credit cards for example, multiple monthly repayments could be reduced to just one. Furthermore, this new, single monthly repayment could even be lower than current outgoings. However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
