Paying a little bit extra for a holiday could in fact bring more peace of mind to consumers both before the break and while they are away, it has been claimed. Indeed opting to choose a reputable tour operator can lead to greater protection from the prospect of things going wrong, a spokesperson for the Association of Independent Tour Operators (AITO) has said.

Ian Bradley a spokesperson for the organisation stated that in the current economic climate, opting to book a holiday with a respected tour operator offers better financial protection in the event of any problems, even though the cost may be more.

Anybody wishing to take advantage of this extra peace of mind that do not have enough money to do so, could opt for a cheap personal loan to cover the extra cost. By using a loan, the cost of the soujourn could be spread over a number of months, meaning that outgoings are more even.

Mr Bradley said: "In the current climate people are prepared to maybe pay a little bit more just for peace of mind, so they know they are going to go with an operator who gives them so financial protection - like AITO members." He added that while costs could be higher, the knowledge that there was a certain level of financial protection in place helps to justify the extra cost.

Also if a cheap deal offered online appears to be too good to be true, more often than not it will be, he claims. "In this economic climate the last thing you want to do is lose your shirt by booking with a dodgy operator."

As well as the ongoing effects of the credit crunch, the recent rises in fuel costs have also had an effect on the cost of travel - and a number of airlines have in recent months reported an increase in costs as a result of crude oil price rises. But consumers who are keen to have their two weeks in the sun no matter what may possibly be interested in the use of a loan to spread the outgoings over a longer period of time.

Ebookers 2008 Travel Opinion report indicated that more than 50 per cent of people questioned stated that they had booked their holiday early because of the continuing effects of the credit crunch. Indeed the majority of people also considered a holiday to be either important or an absolute necessity, while 12 per cent of people saw a soujourn as a luxury.

Other research conducted earlier this year, by Kayak, found that 90 per cent of people surveyed believe at least one holiday a year to be one of the five most important factors for overall happiness. Other factors noted for their happiness-bringing properties included owning a home, being in a stable relationship and starting a family.

But as many as 98 per cent of the people interviewed claimed they would do without other luxuries so they could go on holiday.

Earlier this year, research conducted by the AA suggested that a number of British holidaymakers are now considering taking a domestic break as opposed to their usual trip overseas as a result of the ongoing effects of the credit crunch - which is putting further constraints on people's spare cash.