High prices lead 12% of Spaniards to take out a loan for their holidays

Holidays are a special time to relax and enjoy, but more and more Spaniards are taking on debt to finance them in the face of rising prices and this, in the long term, can have negative consequences, especially for more than 12% of the population who would even ask for a loan.

The offer of consumer finance It is very accessible, even more so with options such as pre-approved loans, and the data reveal the popularity of this type of credit among Spanish consumers, who They also turn to them to go on vacation.

An economic emergency, refinancing debts, buying a car or paying for studies are usually the main reasons people ask for one of these loans, but the travel and vacation category has been gaining prominence over time.

According to a recent survey by the financial users association ASufin, in 2023, less than 10% of those who asked for a loan did so to finance their vacationspercentage that It has now risen to 12.2%presumably due to the increase in the prices of accommodation and transport.

However, the increasing trend towards travelling to more distant destinations also increases the likelihood of having to finance part of the expenses, such as airfare.

But beyond asking for a loan, there are other ways to get into debt to cope with the holidays, such as pull out a card or defer paymentswhich would explain that, according to data from Observatur, Up to 3 out of 10 travellers would consider using a form of financing to enjoy their holiday.

The Bank of Spain highlights the importance of planning ahead and adjusting the budget of each one to be able to enjoy the holidays without compromising the financial stability of the family, according to the Efe agency.

On the bank customer portal, the supervisor offers a series of recommendations to control spending, including, as part of vacation preparations, plan how much money will be needed to cover expenses at the destination.

One of the options available to users is the Using a prepaid cardalso called wallet cardwhich in addition to being an ally for online shopping, can be a useful companion on vacation if you load it with an amount that fits within your set budget.

So Spending will be controlled and it will be more difficult to get carried away by compulsive purchases associated with the holidaysIn addition, the use of rechargeable cards during these days also helps limit losses in the event of theft or loss.

However, before hiring a rechargeable card, the Bank of Spain suggests Check the conditions and associated servicesto assess whether they are suited to each individual’s needs, the same recommendation made in the case of those wishing to finance purchases.

It also recommends to users who are going to use their cards to withdraw cash or pay for purchases abroad, that Don’t forget to check the conditions established for these services beforehand, because you may want to look for a more suitable product.

On the other hand, experts agree that “it is normal and healthy” that when a person is on vacation and resting from the daily routine, they disconnect from matters that they have been waiting for all year, so they suggest doing a series of checks before starting those days off.

Among them, in order to avoid unpleasant surprises upon return, they ask that everyone make sure that have enough money in your account, check movements and make sure there are no improper chargeseven if you have to resort to online banking on your days off.

In addition, transfers can be scheduled to continue meeting commitments or to make transfers between accounts to prevent, for example, one of them from going into overdraft, with the cost that this entails.

 
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