Brits abroad are tightening up their bum-bags this year. Research from FairFx show that 57% of holidaymakers are going to cut back on their holiday spending due to the rising costs of living and reduced availability of credit.
Since the credit crunch began sweeping the UK, banks have tightened up their lending criteria and raised interest rates on credit cards and loans. This has trickled down to the average family who have been hit hard with new debt problems, with 1 in 10 surveyed saying that they will reduce the amount they plan on spend on holiday as a direct influence of the credit crunch fear.
Stephen Heath, chief executive of FairFX.com, said: “Brits have been forced to slash their holiday spending as the credit crunch and the hefty rise in the cost of living hits them hard in the pocket.”