Tourexpi
When Americans travel this summer, most will put
those travel expenses on their credit cards – and more than a quarter (30%)
will charge at least $5,000.
A new Debt.com survey shows 83% will pay for their trip
using credit cards. More than half (56%) say they'll earn cashback and
rewards, while 19% can't afford to pay cash, but still feel the need to get
away this summer. For many, this is a recurring practice.
A new Debt.com survey of 500 Americans shows 83%
will pay for their summer trip using credit cards. 56% say they’ll “earn
cashback and rewards,” while 19% “can’t afford to pay cash, but still feel the
need to get away this summer.”
Just under 3 in 5 (59%) have gone into debt for
summer travel in the past. That includes 66% of Gen X, 64% of
Millennials, 47% of Baby Boomers, and 34% of Gen Z.
One result stands out to Debt.com President Don Silvestri.
"Nearly 60% have incurred debt for summer
travel before," he says. "That's a big problem because it means
Americans are growing accustomed to vacation debt. This country already has a
problem with running up debt over the winter holidays. Are we going to go into
debt for every holiday? This concerns me."
Other key takeaways:
Of the summer travelers who will use credit cards
to pay for a vacation, 7% plan to charge $15,000 or more
Out of the people who will finance their vacation
with credit, 25% of Gen X and 18% of Millennials say it's because they can't
afford to pay cash
Of those who have previously gone into credit card
debt for summer travel, 66% are Gen X, with 64% of Millennials
Of the 46% of respondents who say summer travel
debt later restricted their holiday spending, more than half (57%) are Gen X,
47% are Millennials, 46% are of Gen Z, and 22% are Baby Boomers.
"By planning carefully and making smart
financial decisions, you can enjoy a memorable summer vacation without the
burden of debt," Silvestri advises, "but the key is planning,"
Advice for a summer vacation that won't break the
bank:
Set a Budget: Before planning your trip, determine how
much you can afford to spend without incurring debt. Include all potential
expenses such as transportation, accommodation, food, activities, and
souvenirs.
Use Rewards Wisely: If you plan to use credit cards,
take advantage of cashback and reward points. However, ensure you can pay off
the balance in full when the bill arrives to avoid interest charges.
Prioritize Expenses: Identify what's most
important for your vacation experience and allocate more of your budget there.
Cut back on less critical expenses.
Stay Local: Explore nearby destinations that
can provide a great vacation experience without the high costs associated with
long-distance travel.
Be Flexible: Travel date flexibility can help
you find better deals on flights and accommodation. Use fare comparison tools
and alerts to get the best rates.
Avoid Impulse Purchases: Stick to your budget
and avoid spur-of-the-moment purchases. Set aside a small allowance for
spontaneous spending, and once it's gone, avoid further unplanned expenses.
About: Debt.com is a consumer website where people can find
help with credit card debt, student loan debt, tax debt, credit repair,
bankruptcy, and more. Debt.com works with vetted and certified providers that
give the best advice and solutions for consumers "when life happens."
Image
Credit: © Debt.com
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