Tips for Managing Summer Holiday Expenses and Avoiding Fraud

The Most Popular Days for Applying for Credit Cards and Loans Revealed

According to data from Intuit Credit Karma, June 14 and 15 were the most common days last year for people to apply for credit cards and loans. This trend comes as households gear up for summer holidays, with more than a quarter of people planning to book a last-minute getaway.

A survey conducted by OnePoll for Intuit Credit Karma found that 27% of people are expecting to book a last-minute summer holiday, with 22% believing they can get a better deal by booking a trip at short notice. Additionally, nearly a quarter of respondents said they will be using a new or existing credit card or loan to pay for their summer holiday.

While taking out credit may seem like a convenient option, financial experts advise considering alternative ways to fund a holiday, such as using savings or comparing deals that offer 0% interest on purchases for a certain period. It’s important for individuals to ensure they can clear the debt before the zero-interest period ends to avoid accruing additional charges.

Holidaymakers can also lower their upfront costs by comparing flights from different airports or exploring less popular destinations near popular vacation spots. By being mindful of their financial decisions, travelers can enjoy a stress-free holiday without accumulating unnecessary debt.

Akansha Nath, general manager (international) at Intuit Credit Karma, emphasized the importance of managing debt wisely and ensuring that repayments can be met before applying for a card or loan.

In a separate survey, it was revealed that victims of holiday fraud lost an average of £1,851 last year, with spikes in scams occurring in July and August. Common types of holiday fraud include booking flights or accommodations on fraudulent websites and falling for bogus travel offers on social media.

Travelers, especially those aged 18 to 35, are urged to remain vigilant and cautious when making holiday arrangements to avoid falling victim to scams. By staying informed and taking necessary precautions, individuals can protect themselves from financial losses and enjoy a safe and enjoyable vacation experience.