Beating the Credit Crunch
With the effects of the credit crunch taking hold UK consumers are looking to make spending cut backs on holidays, says a new report.
Rising interest rates, gas and electricity prices, council tax, water rates and weekly shopping bills are now squeezing British incomes so that luxury purchases such as holidays, home improvements, clothes and cars are suffering.
According to The Independent, the annual survey by leading market research company Mintel reports that one in five Britons (12 million people) say they plan to cut back on a summer break this year.
The paper quotes the report: "The likelihood is that holidays will still be taken but inevitably in the form of cheaper options, or else shorter-duration breaks which match the household cash-flow."
There are a number of ways to save money and still enjoy a revitalising break, something which many of us consider to be an essential part of life.
Rather than waiting until the last minute in the hope of a late bargain that may never materialise, we should still try to book our trip early. If we're searching for a specific resort on a specific date at a good price this is especially true.
Many holiday companies also offer money-saving incentives such as additional child places, complimentary car hire and free days for booking in advance.
Pre-booking airport parking, airport hotels and airport lounges ensures you get the cheapest price and also guarantees your place so there's no last minute panic at the airport.
It is often possible to adapt travel plans and look at alternative destinations and accommodation that give better value for money. We can also look at the duration of our holiday and perhaps take a couple of shorter breaks rather than one long stay.
School holidays are notoriously more expensive than other times of the year so it may be appropriate for some people to avoid these dates to get a cheaper deal.
UK householders can also make significant savings by shopping around for day to day goods and services such as home and car insurance; phone, television and broadband packages; supermarket shopping; and energy suppliers. Comparison websites such as pricerunner.co.uk or kelkoo.com are an invaluable resource in the search for the best deals.
The Independent's report quotes Peter Ayton, Mintel's chief statistician, who says, "People are clearly starting to get a sense that things are not as easy financially as they once were.
In light of the credit crunch, borrowing has now become harder and we are likely to see even more people having to make sacrifices when it comes to their spending in the future."
It is thought that those with large mortgages - young people, single people and families with young children - have been hardest hit by the credit crunch.
A new report from debt management specialists TDX Group estimates that one million people in the UK have 'problem debt' amounting to around 25 billion pounds. They predict that the credit crunch could double the number of IVAs (individual voluntary arrangements) and debt management plans taken out in 2008 over 2007.
British Prime Minister Gordon Brown was in the United States recently to discuss the implications of America's impending recession on global finance with Wall Street bankers and President George W Bush. Our struggling leader is hoping to boost the UK economy and his own plummeting popularity.
During the ten years that Brown was Chancellor of the Exchequer tax increased from 17 per cent to 21 per cent as a proportion of income, another factor in the current cash squeeze on UK consumers.
Related Tags: cheap holidays, financial problems, credit crunch, saving cash
Max Clarke is a first-time parent and part-time copywriter for a holiday services company, Holiday Extras, writing about travel and Gatwick airport parking
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- What's In Your Credit Report?
IdentificationYour name, address, social security number, birthdate and previous and current employm - Pros And Cons Of Low Purchase Rate Credit Cards
Low interest credit cards are outstanding until the time period runs out. Most of these offers promo - Bad Credit Loan Scams
There are several bad credit loan scams out there. These are usually aimed at those that don't have - Successful Credit Repair Methods
If you bad credit, you are not alone. Fact of the matter is there are tens of thousands in the count - Auto Loans Bad Credit: Bad Credit Is Not An Obstacle Now
Now a days, people want their own Cars. Though there are Public Transport Systems, they do not watch - Credit Card Services For Your Business
Co Branded Credit cards can be very beneficial for you if you have a business. These cards are onlin - Will The Actual Natural Motion Endure Large Food? -- Horizon Milk
The natural food business may be going through major work day in energy in the past 10 years. Becaus - Prices Of Dlp Lamp Alternative Parts - Dlp Bulbs
Since you will have to purchase a DLP> lamp each and every few years, it might be useful to know the - Dlp Bulbs -- Facts About Dlp Lamp Replacement
With regards to technical breakthroughs there aren't many things that are more popular than tvs and - Ways Which Anybody May Restore Their Very Own Credit Rating Easily - Credit Repair For Dummies
If you listen to a lot of the actual ads which are available regarding credit>, more than likely you
Most viewed articles in this category:
- Credit - Repair
To make the life more comfortable people purchase lots of things from clothing to cars and homes tha - Helpful Tips For Using Low Interest Rate Credit Cards
People with good credit ratings often receive offers for low interest rate credit cards. A credit ca - Benefits to Businesses Accepting Credit Cards
Many business owners report a sharp increase in profit when they begin accepting credit cards as a m - How To Remove A Bankruptcy From Your Credit Report
Credit report repair can be a long, tedious process and one of the hardest items to get removed is a - Putting Low Interest Rate Credit Cards To Work
If you have a solid credit rating, then you may receive offers for low interest rate credit cards. Y - Buying A Car With A Personal Contract Purchase Loan
If you are looking to buy a car but are unsure whether or not a new car is worthwhile, then you shou - Credit Repair - Tips And Tricks That Work
When you apply for credit, your lender will request a credit report from a credit reporting agency. - Bad Credit Debt Consolidation
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit - Before You Buy
Check out the market in the area you want to buy. Find out what price houses are going for and - Top 10 Keys To Creating A Good Credit Score
We know it can be unfair but credit is used for everything these days. Utility companies are even us