Thursday 13th of August 2009
Britons who are planning to use credit cards while on holiday this summer could find their debt management efforts boosted through some simple steps recommended by Spanish banking group Santander.
The financial services provider explains that debt management can be impacted upon by decisions as simple as whether to pay for a purchase in the local currency or have it automatically exchanged into pounds sterling.
"Britons can make their money go further while they’re abroad by always paying in the local currency to avoid being charged a dynamic currency fee for converting the purchase," says director of Santander Cards Callum Gibson.
Young holidaymakers could be particularly well advised to keep an eye on their holiday debt management, being four per cent more likely to go over their budget by an average of £123 each.
Closer to home, three times as many households are now using the rental income from a lodger to boost their debt management efforts and meet day-to-day costs than was the case a year ago, according to figures from Santander subsidiary Abbey.
By Chris King
