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It could take 10 years to pay off your holiday...yes, really!

A new study has found that British travellers could still be paying for their holidays in 10 years’ time.

By putting the cost of holidays on their credit card, holidaymakers could be paying twice as much for their trip, as well as taking years to clear the balance. In their research, TotallyMoney.com found that a £1,200 holiday to Tenerife could end up costing an extra £900, but a £3,561 trip to New York would set holidaymakers back £3,000 more.

What are the alternatives? -Holidays can be incredibly expensive for families – even the so-called ‘cheap’ ones. However, travellers don’t have to put the entire balance on a credit card with high APR.

Low deposit - There are many low deposit schemes, which will allow families to spread the cost. By paying a deposit at the beginning of the year, it is possible to contribute towards it over six or seven months, with many tour operators only asking for the final balance two weeks before flying. This way, people don’t have to pay a hefty lump sum, but also won’t end up paying thousands of pounds in interest charges.

Reduce costs elsewhere - It’s not just the actual price of the holiday that is costly; families will often go shopping for new clothes, buy foreign currency, pay for taxis to the airport and require travel insurance. By booking early, families will also benefit from being able to spread these costs over several months too. Having the time to shop around for cheap travel insurance, rather than buy a last-minute policy can also keep costs down.

Go on a staycation - It’s something of a tradition for Brits to head abroad each summer with the family, but there are plenty of great holiday destinations in the UK. By travelling to a different part of the country, families will be able to relax without paying out for additional costs, such as flights and luxury hotels. Putting the cost of a holiday on a credit card can provide extra protection under Section 75 of the Consumer Credit Act, but by allowing the balance to roll over, travellers could end up paying thousands for a bargain break.

Date Created: 05 March 2014

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