More than a quarter of people are expecting to book a last-minute summer holiday, a survey found
June 14 and 15 emerged as the peak days last year for Brits to apply for credit cards and loans, a report from a credit information company reveals.
This surge in applications was highlighted by data from Intuit Credit Karma’s platform, as families gear up for their summer getaways. A OnePoll survey conducted in April for Intuit Credit Karma found that more than a quarter (27%) of respondents are planning to book a last-minute summer holiday, with 22% believing they can get a better deal by booking closer to the date.
Nearly one in four (23%) admitted they will finance their summer breaks using either a new or existing credit card or loan. However, there are alternatives to consider before diving into debt, such as tapping into savings.
For those eyeing credit options, it’s wise to look for deals offering 0% interest on purchases for a set period, ensuring the balance is paid off before this grace period concludes. Holidaymakers might also find ways to reduce upfront costs without resorting to credit, like comparing flight prices from various airports or opting for less popular destinations near sought-after spots.
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.”
