Debt consolidation ‘could help with holiday spending’
Obtaining a debt consolidation loan could be a means of tackling excessive holiday spending, it has been advised.
Sean Gardner, chief executive of MoneyExpert, urges holidaymakers to consider debt consolidation and credit card balance transfers as ways of reducing their monthly interest payments.
The comments follow research conducted by the firm which found 1.4 million Britons are currently repaying the cost of last year’s summer holiday.
“Anyone with debt problems needs to cut the amount they are paying each month and to draw up a plan to become debt-free,” advises Mr Gardner.
“That should include switching debts to more competitive credit cards and consolidating debts into a personal loan.”
The company adds that affordability pressures are likely to increase for borrowers following the recent base rate hikes.
Vacationers who journey abroad more than once a year were previously told by MoneyExpert that an annual travel insurance policy could save them money.
Britons looking to tackle their debt could benefit from professional advice about debt consolidation loans.
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