Monday, June 10, 2024 When Americans embark on summer travels, the majority are opting to use their credit cards for expenses. Over 30% plan to charge at least $5,000 during their trips, as revealed by a recent Debt.com survey.
The data indicates that 83% of respondents will rely on credit cards to fund their journeys, with 56% aiming to accumulate cashback and rewards. Additionally, 19% cited the inability to afford cash payments but expressed a strong desire to take a summer vacation. These findings suggest that using credit cards for travel expenses is a common and often recurring practice among Americans.
Nearly 60% of respondents have accrued debt for summer vacations previously. This figure breaks down to 66% for Gen X, 64% for Millennials, 47% for Baby Boomers, and 34% for Gen Z. A particular outcome has caught the attention of Don Silvestri, President of Debt.
com. “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.” Here are some other noteworthy points: “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,” Here’s some advice for planning a summer vacation without overspending:.
