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Storm Eleanor, Storm Georgina, high winds and forecasts of snow – the weather of 2018 so far has been cold, wet and dark. If you’ve been dreaming of escaping the damp grey of the UK then now could be the time to start planning a summer escape. We passed the longest day on 21st December, which means that the countdown to summer has already begun. It may not feel much like it right now but actually we’re just a few (ok, five) months away from summer 2018 and all the travel possibilities that brings.
At this time of year, personal savings can be low after all the spending of Christmas. That’s why the option of paying for a summer holiday on credit is such a popular choice. With three months to go until June, now is the time to start planning a fantastic summer trip that you can pay for in the run up to the summer months. If you want to pay for your summer holiday on credit then what are your options?
Big names like Tui and Thomas Cook offer ‘low deposit holidays’ in addition to the multiple promotions and sales that they use to push their trips at this time of year. So, you can secure a summer trip with a deposit from as little as £50 per person in some cases. You’ll then have the option of clearing the remaining balance on a monthly basis or in one or two block payments.
Personal loans are a great way to pay for a summer holiday now if you’ve got cash coming in and you know that you can clear the balance in the future without putting too much pressure on your finances. Despite a slight rise in interest rates, loans rates remain some of the lowest they have been so if you’re looking to pay less to cover the costs of your trip you could find a great deal with a personal loan.
There’s a double bonus to using a rewards credit card to buy your summer holiday – the holiday itself plus all those additional rewards points. From high street vouchers, to points that you can use for future flights, choose rewards that will add something to your lifestyle.
If buying your summer holiday now and paying the lowest interest for it is the priority, an interest free credit card is a great way to do it. The key is to find a card that is interest free on purchases and which gives you enough time to clear the balance before the higher rate of interest kicks in.
Given the drop in the value of the pound thanks to Brexit it’s harder than it used to be to find great value when it comes to holidays – but not impossible.
Alex Hartley is a keen advocate of improving personal finance skills. She's worked at Solution Loans since 2014 and written hundreds of articles about how people can manage their money better. Her interest in personal finance goes way back to...Read about Alex Hartley
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