Did you know that this is the week there are the most online searches for holiday money?
According to Google Trends*, in 2015 there were 100,000 online searches for holiday money in the week ending 4 July, higher than at any other time in the year.
Before you go on holiday this summer, it’s worth remembering that there are many ways you could cut costs before you’ve even touched down.
Waiting until you get to the airport to make essential purchases makes you a captive customer – you’ve literally got nowhere else to go, so you’re likely to pay a premium for exchange rate and small items. So get your pounds to euro, pounds to dollar sorted out in advance, get your sun cream & toothpaste from pound shops, and book your airport parking as soon as you know your flight times – and you might save a packet.
Contactless card spending is on the up – and the grey pound is the engine behind it. Spending money with contactless payments topped £1.5bn in a month for the first time in March, with one in seven card transactions now contactless compared to one in 16 a year ago.
Experts put it down to older shoppers catching up with young people, with research from Barclaycard finding that the number of ‘tap and go’ payments made by those 60 or over has increased by 116% over the past year.
Missing a credit repayment can happen to everyone – but don’t be tempted to skip or delay your monthly repayments.
Late or missed repayments stay on your credit report for at least six years, so it’s not hard to see how important it is to stay on the right side of repayments. Your credit report can show you if you’ve missed some payments on cards or loans you have.
What happens with missed or late payments?
If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too.
Late or missed payments in the past six years are likely to impact your credit score, meaning that any credit you do apply for and manage to get might cost you more money.
Gray from Experian Experts explains how late payments on your credit report might affect your credit application, and what you could do to help give your credit application a better chance of success. You can see more videos from Experian’s Experts on our YouTube channel.
I recently defaulted on a number of monthly payments due to being hospitalised as an emergency. I had to have triple heart bypass surgery, which has kept me from sorting my finances over the past few months. After paying off all default payments I was relying on one of my credit cards to pay off an upcoming bill. Today I received a text advising me that my credit had been reduced on this card. Trying to reinstate the credit, I was informed that my report showed the defaults and credit couldn’t be reinstated. With defaults now addressed and considering the position I was in, can Experian update and reflect my position, as it is needed quite urgently and would be greatly appreciated right now.