More than a third of travelers plan to go into debt to fund summer vacation, study finds

(InvestigateTV) — Around 36% of Americans planning summer vacations are willing to go into debt for their travels, according to a new Bankrate survey.

Ted Rossman with Bankrate said he found this a little alarming.

“Credit card rates are near record highs. Credit card balances are at record highs,” Rossman said. “I don’t want to tell people they can’t have any fun, but I do worry about layering let’s say a 20 or 25 percent interest rate on top of whatever you’re spending this summer.”

The study also found six in 10 of those not planning a vacation this summer said they cannot afford to go on a trip.

Rossman said there are ways to avoid using a credit card for everything on a trip. One key thing is to build vacations into household budgets each year in January. Then set money aside from every paycheck before the summer months arrive.

“Look into your rewards points and miles and unused gift cards and there may be some opportunities to save money there,” he suggested. “I also think you can kind of zig when other people zag, maybe travel in the off season or the shoulder season. Do a road trip instead of flying. Let the deal dictate when and where you go.”

People can also plan a staycation and do the things in their local community they have always wanted to do and have not made time to try. They can relax, recharge and stay on budget.

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