Debt conscious Brits opt for staycations

According to a recent report a rising number of people in the UK who are conscious about falling into debt and want to avoid the pitfalls of any further debt are now opting for staycations when it comes to holidays, as they believe that this will be the cheapest option for them in the current climate. Nearly one in four Brits stated in a recent survey that they would be trying to spend less on their holiday this year.

For many people, going abroad on holiday has become increasingly difficult as a result of their financial situations. Many have found that the cost of flights and accommodation have become too much for them to manage on their more limited budgets, and those with families are finding it increasingly difficult to afford to take the whole family on an overseas holiday, as this can run into many hundreds or even thousands of pounds.

The survey was carried out by the Insolvency trade body, R3, which said that of those that were trying to save money on their holidays nearly 60 percent had decided to holiday at home. Those that decided that they still wanted to holiday abroad looked at other ways to save money, with over 70 percent reducing the cost of accommodation, 66 percent choosing cheaper travel, and 60 percent deciding to spend less money whilst they were on their holiday.

An official from the firm said: “People choosing not to have a holiday this year is likely to have grown out of necessity rather than choice. UK households will either simply not have the money to go on holiday as result of cuts to their disposable income or have decided to save their money in preparation for the difficult times ahead. R3’s latest personal debt snapshot revealed only a quarter (25%) of consumers believe their financial situation will improve over the next six months. The money saved from spending less or not having a holiday at all will provide individuals with a financial ‘buffer’ in case they fall on hard times.”

Tags: spain, holiday, Brits, current climate, choice uk, choosing, cheapest option, financial situation

Where should you head on your holidays?

Whilst most of us are trying to make cutbacks wherever possible in the current difficult financial situation, most of us do not want to give up our annual treat of some time away on holiday. Read more

Tags: financial situation, holidays, whilst, shorter period, advice, recession, bank

7 percent fall expected in Christmas spending overall

According to recently released figures an overall fall of around 7 percent is expected in Christmas spending for this year, as consumers continue to try and cut back on their expenditure. The cutbacks will be made in a range of areas, such as gifts, food, clothes, entertainment, and socialising. The survey was carried out by research group Deloitte, and showed the different areas in which people were planning to cut back on their Christmas spending. Read more

Tags: Verdict Research, Deloitte, Opinions, research, consumers, financial situation, Business Finance, holidays

Don’t leave financial problems to get worse, says expert

People concerned about their financial situation should not simply leave the problem to get worse, warns a personal finance writer.

Cliff D’Arcy has said that tackling financial problems early will help people stay on top of their debts.

According to research by Monilink, 22 per cent of people have built up too much debt and are finding the repayments from month to month a strain.

Mr D’Arcy advises people to get in touch with their bank and credit card companies if they are facing financial problems as they may be able to freeze the interest or relax payments to allow customers to try to balance their budgets.

Another option for people who are worried about their debts is to contact a free debt counselling charity, such as the Consumer Credit Counselling Service (CCCS) or seek advice from a personal finance website.

Commenting on the help such organisations can offer, Mr D’Arcy said: “They have some very good advice written in plain English that will help you to deal with debt.”

Tags: Money Management International, writer, relax payments, CCCS, debts, Credit counseling