accepted.co.uk - the loans search engine

For people who are feeling the pinch but are unwilling to sacrifice their annual holiday abroad, a secured loan could be a cost-effective way to pay for a trip overseas.

A recent poll found 75 per cent of people would not allow their plans for a foreign getaway to be affected by the credit crunch, compared with approximately 19 per cent who said they could no longer afford the break they had planned.

Elsewhere, an online survey by Kayak of 1,000 customers found 90 per cent regard taking at least one holiday a year as one of the top five factors that contribute to their overall happiness.

Some 98 per cent of those questioned said they would forego other luxuries in order to make sure they could afford their trip, with more than a third saying their would ditch dining out and shopping for clothes in order to save up for a holiday.

Homeowners who are considering borrowing money to pay for a foreign getaway may find many secured loans offer competitive rates of interest as their house is used as surety and so the risk to the lender is reduced.