Cheap Holidays – What’s the best way to pay?

Cheap Holidays – What’s the best way to pay?
Written by Sarah Banks
Published on 13th July 2017
Updated on 3rd December 2019
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Very cheap holidays

With the summer season finally kicking in, demand for holiday deals is beginning to peak. Prices for a holiday can range from a few hundred to many thousands of pounds, but any kind of break will give you a boost. In fact, holidays are scientifically proven to lower your stress levels and reduce the chances of ‘burnout’ at work. But if you’re struggling to afford a trip abroad, you’re not alone. A huge number of people are searching for ‘very cheap holidays’ on Google – for this time of year. As holiday operators compete for this increased demand the number of deals around also increases. If you’re planning a summer getaway, now’s a great time to grab a bargain. First, decide on your budget and how you will pay for the break. Then use travel price comparison websites like Kayak and Skyscanner to help you bag a bargain.

Holiday loans and other ways of paying

Personal loans are a popular way of paying for holidays, with lots of lenders to choose from. But is this really the best way to pay, or are there better options available? Holidays are a luxury and, it’s always worth considering whether it’s worth taking taking on more debt to pay for a trip. If you’re thinking of going on holiday, try and use your existing savings. Have a look at the cheaper options, such as ‘staycationing’ in the UK. Alternatively think about setting up a simple budget . Start putting some money aside – once you’ve met your goal, you can treat yourself guilt-free. If you’re planning a trip of a lifetime and savings won’t cover it, what are your options? Yes, a holiday loan is an option, but they can be expensive, especially if your credit history isn’t great. If you’re considering borrowing it may be cheaper to have a look at credit cards. 

Credit card deals

If you’re comparing credit cards to pay for a holiday, it’s worth looking at those with a 0% purchase rate. If you keep to your minimum payments, you won’t pay interest for the introductory period, and it could improve your credit score .  You can compare credit cards with 0% introductory rates along with all other credit cards, in the credit card section of our site. Just be aware that if you don’t pay off the full amount before the introductory period is over, you will be hit with a high interest rate on the remaining balance.

The government’s policy of fining parents for unauthorised absences was tackled in the courts last year with a well-publicised lawsuit. In the autumn term, while the case went through the courts, a record 330,000 children were taken out of school. However, the challenge was overturned, so parents once again risk a hefty fine for taking their children on a break. You could face a penalty of between £60 and £2500 or even a prison sentence for an unauthorised absence. Don’t forget to add us to your bookmarks to keep up with the latest financial news and guides.

Compare your options

However you decide to finance your holiday, be sure to compare your options first. If you do go down the route of borrowing then be sure you can afford the repayments and match the lender’s criteria before you apply. There’s more information, expert guides and consumer reviews on the holiday loans section of Choose Wisely.

Sarah Banks
Written by
Sarah Banks
Finance writer at Choose Wisely

Sarah joined Choose Wisely in July 2017, whilst still studying for her degree. Learning the ropes across different departments in the business including Customer Service Advisor for a period of time- making her the company’s closest link to their consumers experience with their finances.