Tourists ‘do not spend holiday cash wisely’

Choosing the ‘wrong’ sort of money product while abroad causes British holidaymakers to waste millions of pounds through unnecessary card charges it has been revealed.

According to research by moneysupermarket.com, more than 18 million tourists are set to go away over the coming Easter period.

However, by opting for the least competitive spending product, consumers could face some £335 million in hidden charges, a figure which could impact upon their debt management when they return home.

Head of credit cards at the price comparison website Robert Kenley claimed that with travellers’ cheques, foreign currency, debit, credit and pre-pay cards available, holidaymakers should look to choose the finance product which matches their spending habits.

Mr Kenley said: "However, if people don’t use the ‘right’ card in the right way, the costs can far outweigh the benefits because most have hidden fees."

Last week, Which? reported that 64 per cent of Britons are yet to reclaim hundreds of pounds in unfair bank charges which could help their debt management and be used to cover secured personal loan payments.

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