24 July 2008
Instead of cutting back on their holiday spending during the credit crunch, the majority of Brits still plan to jet off to sunnier climes this year, new research shows. The Co-operative Bank Credit Cards found that 53% of people will be spending the same on holidays this year despite concerns over the rising cost of living. And when it comes to funding a break, 77% of holidaymakers plan to pay for some or all of their holiday on their credit card. Maxine Xodo, Product Manager for Credit Cards at The Co-operative Bank, said the research shows that despite difficult economic conditions people are unwilling to give up their summer break, having worked hard all year. She advised: "As more people are putting holiday spending on their credit cards, it pays to make sure they are getting the best deal for their needs." Research from Mintel revealed this week that some Brits are turning to credit cards to meet daily living costs. Gross credit card lending was up 7% in the first four months of 2008 compared to the same period last year.
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