June 14 and 15 are the most common dates for applying for credit cards and loans – here’s why
There may be alternative options for some people to consider rather than going into debt
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Your support makes all the difference.June 14 and 15 were the most common days last year for people to apply for credit cards and loans, according to a credit information company.
The data was taken from Intuit Credit Karma’s platform, as households prepare to go on summer holidays.
More than a quarter (27%) of people are expecting to book a last-minute summer holiday, according to a OnePoll survey in April for Intuit Credit Karma, with a fifth (22%) of people believing they can get a better deal by booking a trip at short notice.
Nearly a quarter (23%) said they will be paying for their summer holiday using a new or existing credit card or loan.
There may be alternative options for some people to consider rather than going into debt, such as using savings. Those considering credit card options may also want to compare deals which offer 0% interest on purchases for a certain period, making sure they can clear the debt before the introductory zero-interest period ends.
Holidaymakers may also be able to lower their up-front holiday costs rather than taking out credit, perhaps by comparing flights from different airports or considering alternative, less popular destinations which are situated close to a more desirable holiday hotspot.
Akansha Nath, general manager (international) at Intuit Credit Karma, said: “Before applying for a card or loan, make sure you can meet repayments so you can manage your debt wisely.”
Meanwhile, a new survey revealed victims of holiday fraud lost £1,851 on average last year, with July and August seeing spikes in this type of scam, according to figures from Action Fraud.
Sometimes, holidaymakers will only find out they have been defrauded when they are due to travel or arrive at their destination.
Over a third (35%) of travellers aged 18 to 35 say they’ve been scammed on holiday in the past year, according to a new survey for travel debit card Currensea – making this an age group that appears to be particularly at risk.
Common types of holiday fraud include booking a flight or accommodation on scam websites and trips being offered on social media that turn out to be bogus.