Quote: Originally posted by Capt Lightning on 20/8/2023
It's like having an expensive wedding and paying for it for the rest of your life
Even more heart-breaking is for the marriage to break down before the loan for the expensive wedding is paid off, adding another finance related issue to resolve!
DK
------------- Apple The Campervan - A Van For Work, Rest & Play!
- 2027: ? NL+DE+FR
- 2026: FR+DE
- 2025: 17/77
'24: 10/49; '23: 9/47;'22: 8/46; '21: 9/34
* Ex-tenter
* Treat life events like a dog: if you can't eat it, play with it or hump it, p1$$ on it and walk away!
Quote: Originally posted by daveyjp on 20/8/2023
I always use credit card to pay for large purchases (including this year's holidays) and for spending when away.
Doing so gives me weeks of free credit, s75 protection, free foreign currency exchange and I get a small amount of cashback.
Balance is always paid off in full each month.
Ditto…..The way we do it! Section 75 protection is a no brainer. 👍
One key to controlling that debt is to keep the credit card limit low & affordable. We don’t accept offers to increase our credit limit beyond what we can cope with.
For years we used to take a chunk of cash and pay for everything with it. Now we have a Halifax Clarity card and pay for fuel and tolls (we have a tag linked to it) on that. It spreads the cost.
However, over the past couple of years we have been using the Halifax card for shopping, meals, campsites etc in a way that we never did before. I think it's because we have become much more card based at home. Upside is the spreading of the cost, downside is the paying it off over time (I transfer the balance to another card at either 0% or a very low rate depending on the amount).
------------- Freedom is a light caravan and an open road.
We had been going to the same cottage for new year for several years. Last year the increase was a “push” for us but we did it. This year it’s more than double what it was when we started going, so we won’t be – looking on the website someone else has booked it already anyway.
In the face of massive inflation across the piece (especially in exponential things like food and energy bills when you have children), post lockdown many families have really struggled to build up enough reserves to have a holiday, and, as such many children have missed out on this very important part of growing up.
Combine this with having to take holidays during school holidays (where things are far more expensive and still increasing), the average cost of giving children this valuable experience is exceeding the amount many are able to put back monthly.
If you can take a short term loan to finance the holiday then so be it - even if its the difference between sitting in a soggy tent in Rhyll and a nice beach in Spain,
I would encourage those who are desperate (and can afford the repayments) to take this option -a fixed amount with a fixed term- rather than a credit card, which by its very nature is designed so that people get more and more and more into debt (and subsequently possible problems).
We are lucky enough not to need to borrow, or need a credit card -we get protections on our bank account anyway nowadays- but I think it’s a bit unfair to sit in judgement over those that do.
Instead, I’d rather wish them a good holiday and hope it has valuable returns in terms of investment into family time, even if there’s nothing that can be physically shown at the end of it. Families that spend more time together have more chance of staying together, and that can be worth more than a car or a new sofa.
Not in the least concerned, but I was still surprised that anyone would take out a loan to pay for a holiday, but then I am old and was brought up in a different way.
Quote: Originally posted by Mrs. Bonce on 21/8/2023
Not in the least concerned, but I was still surprised that anyone would take out a loan to pay for a holiday, but then I am old and was brought up in a different way.
Same goes for me. I don't sit in judgement over what others choose to do, all I can say is that I would never take out a loan to finance a holiday. Paying for it on a credit card is different in my opinion because of the protection it offers (although it is still technically a loan) as long as you pay it off in one go and don't let it roll over. That I have done and would do again. Day to day spending is always on a debit, rather than credit card.
Quote: Originally posted by starcraft on 20/8/2023
Two weeks away seems nightmare to me, I'd want to come home after a couple of days.
We're shortly to have our third holiday this year (and the most expensive). Four nights on the Broads in an all facilities included static including our 2 dogs for under £200 paid in advance.
I can never understand those who must have a holiday they can't afford, borrowing on their credit card only to spend the next 12 months paying it off with interest.
To be honest if they want to borrow on their credit card and spend the next 12 months paying it off that is their option and none of our business. After all many people buy cars, caravans, furniture etc on hire purchase so no different.
I agree, its no-one elses business what you do with your money (or lack of money in this scenario). But i dont think you can compare getting into serious debt for a fortnight in Magaluf, to material goods. Fickle in the extreme.
Everyone has their own preferences on how they pay for things. If I have not the money then I go without.
For me, I filter money to different accounts and the money is ring fenced. Holidays and for the car either for maintenance or to buy.
I have now an International bankcard which can be used world wide, my spending money goes into that. It can be used at ATM machines if I need to withdraw local currency. I still have American dollars which I can use to buy local currency to get a good exchange rate. Horses for courses really
------------- New Year: Hesketh Bank
Feb/March: Red Squirrel
March: lakes
June: Morecambe
Aug: Lake District(not camping camping)
October: Red Squirrel
Quote: Originally posted by Devonatheart on 20/8/2023
Quote: Originally posted by daveyjp on 20/8/2023
I always use credit card to pay for large purchases (including this year's holidays) and for spending when away.
Doing so gives me weeks of free credit, s75 protection, free foreign currency exchange and I get a small amount of cashback.
Balance is always paid off in full each month.
Ditto…..The way we do it! Section 75 protection is a no brainer. 👍
I may not be interested in taking out 'loans' to be paid back over months and years to pay for my holidays, but I certainly take advantage of credit cards, and some of the financial protections they offer, but with the full knowledge that I can cover the entire monthly CC repayment bill from monies to hand, and avoid fees and interest payments.
Buy all sorts, even the deposit for my new car, on CC for the protection offered and the convenience of the transaction, but no intention of treating it as an interest paying long term loan.
As I said in my original post, I was simply surprised to find that there were loans specifically for holidays.
I'm in my 70's and was brought up, like many others, in a time of, if you can't afford it, you don't get it. Apart from a mortgage which was trifling by modern standards and paid off long ago, I've never relied on credit.
We're off on holiday next week and I'm paying with my AMEX card so that I will earn 'air miles' which will go towards future travel. I pay my card off in full each month, so no interest.
However you do it, I hope everyone has had, or will have, a good holiday this year.
------------- Two drifters off to see the world.
I'm tired of reality, so I'm off to look for a good fantasy.
Quote: Originally posted by Mitchamitri on 21/8/2023
Modern generation was brought up by our generation, we seem to forget that.
Thats irrelevant. Once kids get to 20+, if they are 'earning', they do what they want with their money. You, may have been the most frugal man - or woman, on the planet (though this alone would send them flying in the opposite direction), but your kid(s) will think and act differently. Where you scrimped to buy your first house, made do with whatever floor-coverings were left, and collected old tat furniture from whoever was good enough to let you have their old stuff; todays 'kids' starting out are having none of this austerity. They want smart new-ish homes, new carpets and soft furnishings, and new furniture to top it off. If its on 'tick', well thats how it is. They are essentially starting halfway up the ladder from you or I. Being skint to them means only having the one car, maybe only 2 tellys, and no more than a couple of holidays a year. I kid you not. That is where things are at today.
Amazing family weekend with old steam engines, classic car displays, market stalls, and full catering and bar. And camping on site - Save £25 by booking in advance.
Topic: Paying for holidays
via mobile 20/8/2023 at 10:45pm
