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Despite the fact that the worldwide economy is on a slippery slope it seems that less people filed for bankruptcy in the first quarter of 2008 compared to the same period last year. Figures...
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Friday 2nd May 2008
As credit becomes less and less freely available and the cost of day to day living edges up, millions of Britons are now planning to cut their spending on holidays.
With the credit crunch deepening, lenders have responded by raising rates of credit cards and loans and tightening their criteria for approving credit.
In response, a survey has shown that Britons are planning to cut their spending on holidays.
The poll, which was conducted by FairFX.com, found that 57 per cent of consumers are reducing their usual outlay for a vacation.
Stephen Heath, chief executive of the firm, 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.
"Unless conditions change holidaymakers are planning to spend just £460 each on what should be the main break of the year."
According to figures from Moneyfacts, since the start of the year over half of UK lenders have increased rates on personal loans.
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