Question

Hi and thanks in advance for taking my question and any advice you can provide.

Since this Covid thing and being locked down my partner and I have been shut ins. We have not been out except to run to the shops for food. Now that the government is stating they are allowing holidays to some countries, we want to get away for a few weeks. In the past we travelled a few times a year, and we are really missing it.

We are both on limited incomes and to take a holiday like this means we would need to take out a loan and also use our credit cards. The loan has been approved and we have sufficient balances on our credit cards.

I guess my question is would you advise doing this?

We would be going into debt for what is a long missed holiday.

Regards,

Ms. A. Smith

Answer

Ms. A. Smith,

You ask a good question, and one that many people may be considering and asking themselves at the moment.

The times have changed, we are a nation of holiday experts, and have been locked down way too long!

Going into debt for a holiday, even if it may be one of a lifetime, is a personal decision, and one I have in the past advised to be well thought out.

Holidays are important! We need to recharge ourselves, have a change of scenery, and get out now to do things.

But going into debt, maybe not. However, ask yourself a few questions:

Just a few things to go over before making the commitment of borrowing.

Taking a holiday is important, no doubt, but think it through about going into debt.

I had a client many years ago, who they and friend took a trip of a lifetime around the world. They put the entire trip on credit cards and loans.

When the bills came in, that is when they sought my advice.

Unfortunately for them, bankruptcy was the solution….however, they did have the memories of a trip of a lifetime. That and the photos.

I am not advising one way or the other, just think it through.

Regards,

Jon

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