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Purchase Plans for Airfare - 9/16/16

Many families would love to take a vacation.  Finances often get in the way.  The cost of airfare can be dear along with lodging, food and other expenses.  The issue often comes down to the fact that airfares need to be paid upfront, and many families simply don’t have that much liquidity. 

In response, CheapAir.com has teamed up with financial services company Affirm to permit fliers to take out three, six, or 12-month purchase plans to cover airfare.  As reported by CNNMoney, customers must provide their name, email and street addresses, date of birth, cell phone number and the last four digits of the Social Security number to allow Affirm to run a credit check. 

The interest rate on the loans can be high and range from ten to thirty percent based upon credit worthiness.  There is no limit on how many tickets for which one can request financing. 

The new payment method is targeted toward travelers who don’t have a credit card or who want to see if they can get a lower interest rate.  The average interest rate on new credit offers is in the range of fifteen percent according to CreditCards.com’s Weekly Credit Card Rate Report.    

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.