A third of Brits overspend on holiday

People seeking the best loan rates for their dream holiday this year have been warned that they may spend more than they anticipated.

New research by Norwich and Peterborough N&P building society has revealed that one in three people overspent on their last foreign break, with many unaware that withdrawing cash abroad can be very costly.

One in six people spent more than 20 per cent over their anticipated budget, with 18 to 34-year-olds most likely to overspend.

Some 40 per cent of this age group admit to spending too much on their last holiday.

"Keeping control of costs is important. Over the years people have realised the increase in cost of using a mobile phone abroad and have altered their behaviour to ensure they aren't stung by a massive phone bill when they return home. The same thinking should apply to the plastic you take on holiday with you," said Ewan Edwards, head of current accounts at N&P.

Recent research from LV= revealed that many parents struggle to afford the summer holidays, spending an average of £660 per child during the period.

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2011-08-02 16:33:31 © Moneyextra.com