Britons are spending billions of pounds on holidays, a new
study shows.
According to figures by Alliance & Leicester Personal
Loans, holidaymakers spend a total of 34.4 billion pounds
on holidays every year. It was also revealed that some 23.3
billion pounds is splashed out while tourists are overseas.
When broken down to individual costs, the financial
services firm showed that the typical vacation costs 514
pounds per person - accounting for 2,056 pounds for a
family of four. Over the course of a person's life, it was
claimed that breaks make up a "whopping" 41,634 pounds.
For those looking for an effective way to finance a break,
taking out a low-rate personal loan may be advisable.
Research from the firm also indicated Iceland is the
destination where tourists will splash out the most,
spending an average of 118 pounds each day during the
average six-day break. Estonia came second with an average
expenditure of 102 pounds per day over a five-day period.
Barbados, Canada, Latvia, the United States and Finland
were among those countries deemed to have the highest spend
per day. And with six out of ten highest-spending holiday
locations in Europe, the firm claimed that removing short
breaks on the continent "may actually be more costly than
they appear".
Richard Al-Dabbagh, personal loans manager for Alliance &
Leicester, reported that although financing the holiday of
a lifetime can be a "daunting" prospect, taking out a
low-rate loan could be advisable. In applying for this type
of loan, it was suggested that travellers will be able to
make repayments in "manageable monthly sums" and will avoid
having to face high levels of interest on their borrowing.
He said: "Holidays are meant to be a time of enjoyment but
often the cost of going abroad, especially for a family,
can be quite substantial. Rather than worry about how to
finance a holiday or shelving plans for a well-earned
break, British holidaymakers can opt for a personal loan
that allows them the convenience of paying in manageable
monthly repayments. This can easily be budgeted for over a
time period to suit and there's the comfort of knowing that
whatever happens to interest rates, the payments won't
change."
Indeed taking out a low-rate loan could be helpful for
Britons who struggle with their finances after a holiday.
An earlier study by Alliance & Leicester indicated that
more then a quarter (27 per cent) of tourists state that
they spent more money while abroad then they had originally
intended to, with about one million people going over
budget by more than 500 pounds. Findings from the firm also
revealed that 4.2 million holidaymakers are currently
choosing where they are to go away next, despite the fact
that they still owe money from their previous break. In
addition, an estimated 44 per cent of people - some 19.4
million consumers - do not save the total amount of money
they need to go abroad but still jet off regardless. For
these consumers in particular, a cheap personal loan might
prove to be of assistance to fund a break.
----------------------------------------------------
Abbi Rouse writes for All About Loans. Visist us today to
apply for secured UK loans, low cost personal loans, and
loans for tenants. Visit today
http://www.allaboutloans.co.uk
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