Overseas Holiday Travel Could Be Pound Foolish
By Brian Williams on Wednesday, October 31st, 2007 :: 11:08 amCategory: Financial News
A sluggish dollar could keep would-be travelers stateside this holiday season.
For example, a British pound is worth more than twice the American dollar. Therefore, if you plan to head to London for the holidays, you will pay twice as much for items you purchase in the United States.
The dollar recently fell to a 26-year low against the pound amid worries over the American economy, according to news reports. Maybe you have never been to London. Maybe you do not plan on going. But the British capital city is a popular destination year round for many Americans. And oftentimes, much of that travel is funded through credit card debt.
The bloat on your credit balance begins before you board the plane. Many of the low-priced holiday airfares have been snapped up. You would hard-pressed to get a round-trip airfare for mid-December for under $1,000 right now, according to a search of various travel Web sites. London recently was lauded as one of the most expensive cities for dining out, according to Zagat restaurant guides, at an average of about $80 for a three-course meal.
Unless travelers have substantial savings, an expensive trip adds to holiday debt for Americans. While traveling abroad offers unique cultural experiences, money for travel would be best served paying off debt. Spending thousands of dollars on a relaxing – yet educational – trip abroad is money that disappears very quickly. On the other hand, that same amount of money for credit card debt relief could:
- Eventually improve your credit score since you are paying off outstanding debt
- Reduce your credit card debt – through debt consolidation or debt settlement - instead of adding to it
- Foster a habit of saving money so you may be able to take that trip when the dollar gets stronger
Author bio: Brian Williams, a graduate of the University of Texas at Arlington, has 11 years’ experience writing and editing at daily newspapers in Texas. Learn more about Credit Solutions. Credit Solutions is your alternative to debt consolidation.
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