Holiday Booked WE Cant really afford

dumbo

We booked a big family holiday in September for our 25th Wedding Anniversary, paid 1/3 in deposit & now the bill has arrived for the remaining balance of £2000.00. This was to be the holiday of a lifetime but the more I think of it, the more I realise we cannot really afford it, as it will be going on Credit Cards.
I dont how what to do ( I know what I should do) but how do I disappoint my children when they have had their heart set on it for so long. We can afford the repayments, but it could obviously be used in better ways. We work hard all year & feel we deserve a break.
Any advice please?

tight_arze

Pay it off as quickly as you can to minimise the interest you are paying. Do you still have any interest free period on the card?

You have said you can afford the repayments and its an important anniversary, so do it this time.

markwilsonfooter

You need to think long and hard before you continue.

You are putting pleasure before you family’s financial security.

If you are you partner lose your job, it can led to big problems.

It may be better to work the time your holiday was due. That way you save the holiday money and earn extra working.

laineygirl

pay it on your credit card then transfer to one of the long term 0% cards and pay as much as you can off before time runs out. Its 25 years. Its importnat and nobody is dissappointed. and its like borrowing free money.........

belfastgirl23

Well when is the holiday and what does 'can't really afford it' mean?

IF you're generally not in debt and have a decent-ish income, this could be a good learning experience for the family. Get everyone involved in saving towards the holiday. Use the DFW board to find ways of cutting costs, reduce your food bill by using up store cupboard stuff and using the moneysaving old style board. Set yourself a realistic target of how much you can trim from your normal budget. A good way to instil moneysaving ideas. You'll need to keep it up till you get the money repaid.

But if you're already living very lean and you're not in good shape financially then I'd err on the side of caution and cancel.

A hard decision. Good luck!

paulwellerfan

How old are your children?
can they no contribute to it?

Honkycat

Don't forget spending money too...

michelle2008

Money for holidays can always be used elsewhere. It is difficult to advise without knowing your financial circumstances. You say you can afford to repay the holiday. As long as that is over a short enough period of time, you can keep up with other payments and you aren't paying an extortionate interest rate than you should enjoy it as a one off treat!

Could thi also be everyone's Christmas and birthday present for 2012. I also like he idea of the kids contributing if they are old enough.

markwilsonfooter

will someone please think off the children and their financial security.

WJL

You should consider joining your local Credit Union. There is a Credit Union in Newry (search 'Newry Credit Union'). Most Credit Unions require you to be a member and save regularily for 3 months before you are eligible for a loan. Depends when the balance of the holiday money is due, if you have this time available. The interest rate on a CU loan is considerably less than card interest rates. You will obviously need to pay of the loan, possibly over one year. If you are able to prove that you can afford the repayments, you may be eligible for a loan. Whatever you do, do NOT take out short-term loans from any of the companies which advertise on TV etc. It does no harm to ask, so visit your local Credit Union.

LisaW123

Go for it. You will have wasted £1K on the deposit if you cancel and you've said yourself you need a break. This is, of course, unless you can obtain a medical certificate to the effect that a member of the party can't travel. Economise on whatever else you can so you pay as little as possible on cards, and maybe try to get a zero interest credit balance transfer for 12 months. You've said yourself it was going to be the holiday of a lifetime. Maybe you can go without a holiday for the next year or two in order to treat yourself and your family this time round. I would think twice about taking the trip, however, if you are going to be wracked with guilt or worrying about spending the money. There's no point in going if you're unable to enjoy it.