Credit crunch impacts on holiday plans
July 24, 2008
A new survey has revealed the extent to which the effects of the credit crunch are impacting on people’s summer spending.
CreditExpert spoke to more than 1,000 adults in the UK and found that almost one-quarter (24 per cent) have put holidays on the backburner.
Of that number, 43 per cent claimed the credit crunch is to blame.
Additionally, the study found that more than 2.5 million people will go into debt on account of taking a holiday. This is twice the number seen last year, suggesting that travel insurance and other financial precautions are more important than ever for holidaymakers.
"The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so," said Jim Hodgkins, managing director of CreditExpert.
One way of bringing holiday costs down could be to use multi-trip travel insurance. According to American Express, annual travel insurance quote comparison system can bring down policy prices for those who like to travel more than once a year.
This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.