Travellers ’should exercise credit debt management’
Credit debt management should be taken into account when spending on plastic overseas, it has been warned.
Research conducted by financial services analyst Moneyfacts reveals that fees incurred due to credit and debit card spending while on holiday abroad totalled about £725.75 million in 2006.
This could pay for 300,000 family holidays or 70 million bottles of whisky at duty free rates, a Moneyfacts spokesperson points out.
Analyst Lisa Taylor states: “We take it for granted that using our debit cards is free of charge whilst on home soil, so it’s not surprising that some consumers are shocked when they see how the charges stack up.”
“While credit and debit cards can be a convenient way to manage your holiday spending, they can also put a dent in your holiday budget if you’re not careful,” she adds.
Recent figures published by MoneyExpert showed Britons have incurred £50 million in penalties for missed credit card payments in the past six months.
Those wishing to minimise the impact of penalties and overseas usage fees could seek expert advice to assist with their credit debt management.
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