Tuesday, August 2, 2011
Category:
Consolidation
According to Norwich and Peterborough Building Society (N&P), an online survey has revealed a ‘massive under-estimation of the cost of using debit cards abroad’. In fact, it was found that 31 percent of the holidaymakers questioned admitted to overspending during their last foreign holiday.
Findings have shown that one in six of those who have travelled abroad in the last twelve months exceeded their budget by 20 percent or more. It was also found that those between 18 and 34 years of age are most likely to overspend whilst abroad, with 40 percent admitting that that did so during a recent holiday.
N&P have highlighted that, on average, holidaymakers believe that they would incur a fee of £4.20 to make a £250 debit card withdrawal from an overseas ATM. However, the building society has also pointed out that this cost can actually amount to three times as much. Only six percent of those surveyed reportedly accurately estimated that the majority of providers are likely to charge £10 or more for the withdrawal of £250 worth of local currency. What’s more, nine percent of respondents were found to be under the impression that using a debit card whilst in a foreign county could be free of charge.
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Homeowners who may have turned to credit cards to fund that much-needed break in the sunshine, and are now struggling to afford expensive monthly repayments, could consider tying up their debts with a secured loan. One of many finance options available, a secured loan for
consolidation could allow borrowers to replace multiple monthly repayments with a single, lower monthly repayment. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
