Consumers Warned Over ‘Holiday Debt’
Keywords: holiday, debt, loans, consolidation, secured, personal, finance, credit
Holidaymakers who are tempted to go into debt to fund their holidays have been advised to make sure they repay any money borrowed for their summer of fun as soon as they return to the UK, in order to avoid interest building up or the need for something like a debt consolidation loan to solve the problem of indebtedness.
The Consumer Credit Counselling Service (CCCS) has also urged people to consider in detail the costs associated with their holiday - and to budget each day to make sure they are not spending more than they can afford. Those already in debt, it is suggested, should look for cheaper ways to go on holiday if they must go at all.
“If you really can’t afford to go on holiday you have to accept that and not go on holiday - or look around for ways of making it a very cheap holiday. You could go camping, or perhaps you could do a house swap or think of ways of doing it economically,” said Frances Walker, spokesperson for the CCCS. She added: “If you are going abroad you need to think about what the living costs are there … you need to think about what spending money you are going to need and try to give yourself a budget per day.”
Once this has been done and the trip funded - through savings or a personal loan - it is important for consumers to remember not to overspend when they arrive at their destination and that any money they spend via their credit cards should be repaid as soon as possible when they return to the UK, to avoid mounting debts that could leave them in need of debt consolidation.
“You just need to plan to repay your credit cards back and not go on using them,” Ms Walker said. “Obviously the sensible advice to give … would be to save for your holidays … but often people don’t do that. It would be better to have a budget and to think what exactly you are going to spend and can you afford it?”
By repaying the credit card debt upon your return, Ms Walker added that consumers should be able to avoid “getting into any serious debt” which could ultimately affect their credit rating.
The advice from the CCCS follows news in July this year that saw that one in six Britons are not coping with the debt they are in, something that the CCCS warning hopes to help avoid. According to research last month from R3 - the Association of Business Recovery Professionals - the reasons for debt problems were not as simple as having spent more than consumers could manage, with issues such as illness and redundancies cited by a combined total of 54 per cent of those that had encountered debt problems.
According to the organisation’s website, the CCCS was started in 1993 as a pilot in Leeds before centres were opened in Nottingham, Cardiff and Birmingham three years later. It is based on a concept from the United States.
Mark Dawson writes for the the Loan Arrangers where you can compare and apply online for the best secured loans. Visit Today: news.loan-arrangers.co.uk
Previous Articles Highlighter:
What Are Credit Card Rewards? (1)
One issue that you should keep in mind about credit card rewards is that they only really pay off if you pay off your balance on a regular basis. If you do the math on this you will see that the rewards rarely pay off more than what you will have to pay in interest when you carry over a balance.
Credit Card Charges Abroad 'Costing Millions' (2)
The sum adds to a 16.4 billion pounds sum spent on cards while abroad and 6.6 billion pounds withdrawn in cash while in foreign climes over the course of the year.
The Basic Credit Card Types (3)
Merchants are very much in favor of house cards as these cards are valuable in helping them to both develop customer loyalty and enhance sales; you may appreciate the shopping convenience they give you.
Getting Smart On A Low-Rate Credit Card (4)
The offer from the credit card company may specify the latest day for you to take advantage of the offer. Sometimes, the offer will specify different rates for different action dates.
Whats The Deal With Platinum Plastic (5)
This is piece of mind that simply cannot be bought and is invaluable to people who want to do everything they can to protect their credit, which is exactly who this card is intended for as you must have good credit to apply for it.
Platinum Benefits Grow (6)
This is valuable if the card is ever lost or stolen. Along with zero liability, Chase Platinum Credit card also offers great benefits for those cardholders who travel. These benefits include free car rental insurance and travel accident insurance, which is available worldwide.
Home Equity Loans For House Owners (7)
Now, mortgages tend to be expenses for the long term. Mortgage repayment can take ages. What does a borrower do if (s)he needs money even before the mortgage has been repaid?
Shifting To A Cheaper Insurance (8)
This would significantly lessen your burden of debt. Moreover, it would make it easier for you to keep tabs on your income as you would then be dealing with a single loan provider as against several of them.
Flexible Mortgages For Self Employed Folks (9)
If a person has a full-time job which pays a fixed salary at the end of the month, he should not have too much trouble in stumbling upon a great bargain.
Mortgage At Garage Sale Prices (10)
Unless one is expecting to win on some game show in the near future, one is not going to be able to get rid of the mortgage installments in a jiffy.
The Need For Speed And Car Loans (11)
If you own property or some other valuable asset that can act as collateral, you are fortunate. Secured car loans generally offer much lower interest rates than do unsecured car loans.
Erasing The Burden Of Debt (12)
Finding easy to repay loans are no longer the aspiration of tomorrow. Are you looking for secured personal loans? Visit www.ukpersonalloanstore.co.uk We are your first stop for all loans at www.nationsfinance.co.uk including refinance loans at www.rebuild.org
Debt Consolidation Loans-Getting Off The Credit Card Treadmill (13)
With the average American household having over ten thousand dollars worth of credit card debt, consolidation is one of many solutions to this dilemma and the options available for consolidating your debt have, in the past, not been so easy to take advantage of.
How You Can Choose A Great Realtor (14)
Since a realtor has a lot of experience in buying and selling homes, they can be of great help in taking care of all the details and negotiating the price between the buyer and seller.
Planning Before Moving Is The Secret (15)
Stress can occur during any stage of the relocation process. Even those who are eager about moving may find themselves overwhelmed by the small details. But you can cope with the stress of moving by creating a 'To do' list, breaking large tasks into smaller tasks, and maintaining a list of what needs to be done before a move.
Why Buying Auto Insurance On The Internet Is The Way To Go Today (16)
You will also be able to manage your policy online any time you want to see it. There are a variety of choices for you. Many companies are jumping on the wagon and are taking advantage of the avenue the internet has opened up for them to give a great deal to you.
Short Sales The Equity Creator (17)
With a subject to you bring the loan payments current if they are in default, the mortgage and note stay in the name of the seller until the property has been sold.
Business Credit Card Is The Foundation Of Success (18)
The credit companies also uses different measurement yards on finance charges, so consider this factor before getting one. It could be either based on or not on the daily average balance.
How To Obtain Car Insurance For An Antique Car (19)
Car Insurance Companies Many commercial auto insurance companies can also provide car insurance for an antique car. Also called collector auto insurance, these policies are tailored to the car you are attempting to insure.
The Top 10 Destructive Money Beliefs And How To Overcome Them (20)
The fact is that most people who become wealthy are at least somewhat aware of the spiritual principles that allowed them to prosper. A key part of that is to stay in the flow, which means giving back.
Newer Articles Highlighter:
Credit Card Tips To Save You Money, Time And Worry (1)
Most times because the deal seems just so good, we take it up on impulse before we carefully consider the implications. It is always best to go through the Terms and Conditions governing the deal or promotion and the underlying disclaimers.
Millions Of People 'Should Look To Debt Consolidation Loans' (2)
Meanwhile, Mint Financial Services has advised that those owing money on multiple credit cards should look to combine their borrowing into a single debt consolidation loan in order to mitigate the interest accrued.
Home Insurance: Do You Really Need It (3)
Basically, when your home is hit by earthquake, flood or even robbers, the insurance company repairs or rebuilds your house as appropriate. In this way, you dont have to plunge into your life savings to start afresh with repairing damages done to your house or going through the process of buying another home.
Garden Improvements Add Privacy And Value (4)
said that unless consumers plan to pay off the entire balance of the store card once the bill comes in, they should "avoid store cards altogether". Which? is attempting to get credit providers to use scenarios for customers to see the outcome of, for example, leaving a balance on a store card, some of which carry APRs approaching 30 per cent.
Britons 'Do Not Know Personal Debt Figure' (5)
Keywords: debts, finance, outstanding, balance, not, known, by, brit's, loans, credit, cards Some six per cent of Britons do not know how much debt their personal loans, credit card debts and other forms of borrowing adds up to, according to the latest research from Unbiased, suggesting more than 2.5 million British consumers cannot quantify their total debt figure.
Overspending 'Could Lead To A Bad Credit Rating' (6)
However, James Jones, consumer affairs manager for Experian, recently suggested that those taking out a bad credit personal loan in a bid to reorganise their outgoings should get a copy of their financial history.
Car Loans 'Could Save Britons A Bundle On A New Car' (7)
Barclays meanwhile has launched a car loan product aimed specifically at motorists, which includes a discount on breakdown cover. Earlier this year, research from Experian showed that women were price-driven when looking for a second-hand car, suggesting they could be making good use of a car loan to get a great value-for-money motor.
Dental Insurance - Costs Far Less Than The Consequences (8)
This site compares Dental insurance and discount dental plans which can also be used to save people money when it comes to the care of their teeth and gums. The site works basically the same way as 'DentalInsurance':- enter a zip code and then compare the plans available in that zip code's area.
Asheville NC Lakeview Real Estate Can Be An Excellent Investment (9)
Biltmore Lake is a 62 acre, man-made lake with a boat dock and swimming areas. The lake is available for paddle boating and other non-motor boating excursions as well as camping, hiking, swimming, and bass fishing.
Asheville NC Rental Houses Abound (10)
If you are looking to rent a home or cabin in the area it is always important that you consult with a knowledgeable real estate agent who is local to the Asheville and Hendersonville areas.
Bad Credit? You Can Still Get A Loan (11)
You can also solve your poor credit problems with time and knowledge about finances. Perhaps you might decide to wait on a home loan while you work to bring up your credit score.
Business Insurance Tips To Make You Feel More Comfortable (12)
A conscientious business insurance broker will shop around for risks among carriers in the market place for you. You have to make sure that the broker is there to take care of you and your employees, and make sure that if any thing should happen you know that you are covered.
Auto Loan Tips To Keep In Mind When You Buy Your Next Automobile (13)
You want to negotiate the best deal up front when you have some leverage as a new buyer. Your current credit situation will partly determine the interest rate of your auto loan which in turn will affect you payment.
The Benefits Of Buying Real Estate In A Bad Neighborhood (14)
But simply that if you are looking for a long term real estate investment sometimes its a good idea to wander over the tracks and look around a bit. Working in Central Texas Escapeso Austin Real Estate www.escapesomewhere.com is a small team of realty professionals.
Myths About Real Estate Agents (15)
They do not want your soul or your firstborn, just some patience, consideration, and a positive home-buying experience for all. Ki Gray is a broker with a long background of helping clients in the Austin market, his site Escapeso Austin Texas Real Estate www.escapesomewhere.com is a wealth of information about the real estate market and current events in Austin Texas.
Trading Commodities - Margins (16)
Don't worry if you don't have $58,000 to purchase 100 troy ounces of gold at the current market price of $580 per ounce. Instead, you can buy a gold futures contract, as many speculators do.
Commoditiy Trading - Financial Indexes (17)
However, these trade in the form of futures and options contracts; this is because stocks and bonds, and the indexes that measure price changes, trade within the form of futures and options contracts.
Trading Commodities - Reading Prices (18)
Movement on price change is comprised of one quarter of one cent. A standard contract is for 5000 bushels. Therefore, a price listed as 290 means a cost of $2.90 per bushel.
Homeowner's Insurance: How To Save Some Cash (19)
Housing markets are some of the most consistent in the nation, with rock solid investment opportunities all around unlike the volatile stock market. Since many companies are now providing home insurance, it is important to select the right policy without spending a fortune.
Borrowers 'Unrealistic' About Paying Back Loans (20)
Tom Dawson writes for Essentially Home Loans. Our visitors can apply for secured home loans online, for whatever reason with whatever credit history. Visit us today for the best rate loans available.