Cancellations due to credit crunch

Holiday cancellations are rising due to the credit crunch, according to a specialist in holidays for the gay community.

Mantrav International has reported eight cancellations in the last six weeks, all of them blamed on the credit crunch.

"The LGBT community is now feeling the pinch, despite paying off their cards at the end of every month banks have oversimplified and sliced all customers' credit limits drastically," said Andrew Jones, Mantrav sales and marketing director.

"Many bookings are being cancelled last minute because people's credit lines have been halved and people are relying on their credit card to go on holiday."

But the company said the downturn has been outweighed to some a degree by a rise in bookings from overseas, particularly from Europe due to the growing strength of the Euro.

"Unfortunately the majority of European bookings are last minute and only for short breaks," Jones added.

"It still doesn't make up for the loss of UK bookings because banks are tightening their belts." By Bev Fearis Travel Mole website.

Published: 9. 9. 2008