Average family could lose hundreds in holiday spending money

It has recently been claimed that the average family in the UK could lose hundreds of pounds worth of holiday spending money when they go away because of a combination of the weak pound and the extortionate charges imposed by credit card companies when consumers use their credit cards abroad.

It is thought that the average family could find themselves around £300 worse off in terms of spending money because of a combination of these factors.

It is thought that the families that will be hardest hit with regards to holiday expense will be those that head abroad, particularly to places such as Europe and the USA, and this is because of the strength of the pound against these currencies, giving holidaymakers far less spending money than they would have got a couple of years ago.

However, even families that decide to try and cut back on costs by holidaying in the UK will find themselves facing hefty credit card charges.

Credit card companies have hit the financial headlines once again recently after it was found that not only had the average rate of interest soared to over 18 percent despite the record low base rate of 0.5 percent, but that credit card firms had also hikes up charges such as cash withdrawal charges and foreign transaction fees, which could affect many holidaymakers who want to use their credit cards abroad.

Whilst there is little that can be done about the weak pounds industry officials suggest that consumers try to increase affordability by trying to travel to places where the currency exchange does not make such a big different, and looking at credit cards that do not charge sky high fees for taking money out and making purchases whilst abroad.

Tags: holidays, holiday spending, weak pound, Business Finance, expense, money, family holiday, financial headlines