Requests for loans increase with the beginning of the school year

New loans, both personal and education, typically increase during February and March, when the school season begins.

According to data provided in the last two years by business entities that provide information to APC Experian, in March 2022 there was an increase in lseveral new personal loans 16%, and in March 2023 23%, compared to the previous month of each year.

Additionally, the APC Experian platform is seeing growth issuance of credit cardswhich would be used as a grant to pay school fees and purchase school supplies.

In January 2022, 7,511 cards were processed, and in March 10,214 were distributed, which is an increase of 2,703 cards.

The same thing happened in 2023, when 15,689 credit cards were delivered in January, and 18,174 in March of the same year, which represents 2,485 additional cards.

How can you meet the costs?
It is important to consider a number of elements amid the ongoing costs of the school season.

APC advises creating a budget that will allow you to identify costs and help you set realistic costs. It is essential to prioritize needs and consider how you can reduce unnecessary costs.

You also need to plan ahead. Shopping before school starts can help you find deals.

APC also recommends smart shopping, which means taking advantage of sales and discounts for the purchase of necessary school supplies. In this regard, you should compare prices or consider used items in good condition, such as textbooks.

Don’t forget to set aside a percentage of your income in a savings fund to cover school expenses, and if necessary, you can explore financial options such as scholarships, student loans, or flexible payment plans.