There are a growing number of travel companies who are offering their customers the option of paying for their holiday in monthly installments, rather than having to make one lump-sum payment a few weeks before you go.
For anyone who has had some difficulties with money and sought out bad credit loans to help them get the money they need, the idea of paying for a holiday over a longer period will probably appeal, but is it the best way to pay for your annual week or two in the sun?
Flexibility is key
Many people are dissuaded or unable to take a holiday simply because they can’t raise the lump sum payment required after putting down an initial deposit on your chosen package.
The traditional method of paying for your holiday has been to secure the booking with a reasonably modest deposit, followed by the balance being required between six and eight weeks before your travel, in one lump sum.
With so many of us working on a weekly or monthly budget where most of our money is accounted for each time we get paid, the prospect of finding a lump sum out of that weekly or monthly pot, is unrealistic.
You could of course start putting some money aside yourself in preparation for making the final payment, or you could choose to take advantage of one of the growing number of monthly payment schemes being offered by tour operators.
This flexibility on payment options that is now being routinely offered by a growing number of travel companies, is proving popular, but is it the best option?
Different payment options
Some package holiday firms offer you the chance to put down a very small deposit and then make payments on a payment plan, where you can make as many payments as you want, or a fixed monthly amount that allows you to pay the total cost of your holiday by the time you are booked to go.
If you shop around, you can find deals where the flexible payment option or monthly direct debit option for paying for your holiday, is even charged at zero percent interest, in some cases.
You will still have to have paid the balance due off up to ten weeks before your scheduled travel date, but if you can choose to pay more off when you can afford to, it could still be considered a viable way of budgeting for your holiday.
One question that you should consider with this schemes, is whether the price of your package holiday is competitively priced and still offers value for money. It is worth shopping around to check the brochure prices, as you could end up paying more for your holiday overall, even if there is a zero interest rate.
If you do find the same sort of holiday deal being offered at a cheaper price elsewhere, but there are no flexible payment options, it be worth looking and other ways of paying for your holiday, if it works out to be a cheaper option.
At least if you want to try and book a well-deserved family holiday, you now have more options when it comes to paying for it.
Ben Head loves to share his money saving insights and research. With the economy the way it is there’s never been a better time to learn how to make savings in everyday life. If you find Ben’s content useful, you can read more of his work at https://www.everyday-loans.co.uk/news/
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