Wednesday 9th of December 2009
If you are planning on piling the cost of a winter getaway on to a credit card then you have been advised to make sure you pick the best deal.
Using credit cards is a quick and convenient way to cover the cost of holiday expenses, says moneysupermarket.com.
But if it is this reliance on plastic - and a habit of making big purchases such as holidays which you cannot afford - that has got you into serious credit card debt, then you may find an individual voluntary arrangement (IVA) answers your money worries.
Rather than thinking that you might as well put more purchases on to your credit cards as you already owe so much anyway, you may want to try for a fresh financial start by using an IVA to merge these balances, reducing your repayments to a more attractive level.
"There are now a few different options available to holiday makers and picking the right travel money product could save them a packet," states Peter Harrison, travel money expert at moneysupermarket.com.
But rather than escaping your debt concerns by jetting off this winter, it could prove more beneficial to start repaying your credit card balances with an IVA.
By Mark Waterman
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Do you feel guilty that you cannot afford treats for your kids?
