According to a credit information company, June 14th and 15th of last year were the days with the most credit card and loan applications.
This data is pulled from the Intuit Credit Karma platform as families prepare for summer vacation.
More than a quarter (27%) of people expect to book a last-minute summer vacation, and a fifth (22%) of people expect to book a summer vacation, according to a OnePoll survey conducted by Intuit Credit Karma in April. I'm thinking I can make a last minute reservation. Book your trip at short notice.
Nearly a quarter (23%) said they would use a new or existing credit card or loan to pay for their summer vacation.
Some people may have alternatives they can consider, such as using their savings rather than taking on debt. People considering credit card options may want to compare deals that offer 0% interest on purchases for a certain period of time to see if they can pay off their debt before the interest-free introductory period ends.
Instead of taking out credits, vacationers can also lower the initial cost of their vacation by comparing flights from different airports or considering alternative, less popular destinations closer to more desirable vacation attractions.
“Before applying for a card or loan, make sure you can meet the repayments so you can manage your debt wisely,” said Akansha Nath, international general manager at Intuit Credit Karma.
Meanwhile, figures from Action Fraud show that the average loss to victims of holiday fraud last year was £1,851, according to new research, with July and August seeing a surge in this type of fraud.
Sometimes, vacationers only find out that they have been scammed when they travel or arrive at their destination.
More than a third (35%) of travelers aged 18 to 35 said they had been scammed while on holiday in the past year, according to new research from Travel Debit Cards Currensea. This is an age group that appears to be particularly at risk.
Common types of holiday scams include booking flights or accommodations on fraudulent websites and travel offers on social media that turn out to be fake.