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Brits Abroad Spend like There’s No Tomorrow
A study has revealed that Brits on holiday ignore the tougher financial situation at home and are free with their spending.
The survey by American Express found that 83 per cent of British holidaymakers were not planning on budgeting while abroad, while 30 per cent actively aimed to use up all their holiday money.
Some 10 per cent of holidaymakers admitted to “wasting” the remains of their money at the airport before coming home to avoid having to change it back to sterling.
The credit card company urged travellers to be more careful with their money, as the credit crunch bites back home and more and more people are looking for debt cures.
Amex Travellers Cheque vice-president, Kirstie Bayley said, "The last thing people want to do when they go on holiday is worry about money and this summer's trend should be about being savvy with your money."
Ms Bayley added that travellers cheques "never expire and can be used in multiple countries".
She pointed out this meant that that there was "no need to spend them unnecessarily", which helped sensible holidaymakers save cash. This extra money could go towards bills and repayments in order to get out of debt.
Debt Management News posted on 10 June 2008
