Friday 22nd of May 2009
Many Britons who used a credit card to pay for spending while abroad last year are still attempting to pay off the debt, an Abbey poll has found.
The bank revealed that one in ten holidaymakers still owe money for last summer’s trips, yet 57 per cent of people are planning to use plastic cards to fund their spending this year.
And further debt problems could be created by the fact that providers typically charge an additional three per cent for foreign currency purchases, it added.
However, anyone who is struggling to repay what they owe - whether it is through credit cards or other forms of debt - may have options available to them.
These include debt management programmes, which can allow repayments to be reduced to a more affordable level.
Callum Gibson, head of credit cards at Abbey, observed that the foreign exchange fees are likely to cost a total of £73 million this year.
Neil Munroe of Equifax recently stated that people are turning away from credit cards in order to avoid debt worries.
