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36% of Americans Plan to Take on Debt for Vacation

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By Studio Romantic @Adobe Stock

A friend of mine in the retail business, in a tourist town, explains how he sees big spending by vacationers. How are they paying for this?

Charlotte Morabito of NBC NewYork tells her readers that more than one-third of summer vacationers say they are willing to take on debt to pay for travel, according to a March 2024 report from Bankrate. She writes:

Some people could find themselves wrangling with summer travel bills well after Labor Day.

To that point, 36% of Americans said they plan to take on debt in order to travel this summer, according to a March survey from Bankrate. The payment methods for summer travel expenses ranged from personal loans (5%) and buy now, pay later services (8%) to borrowing from family and friends (6%).

Additionally, 26% of summer travelers said they intend to use a credit card and pay over for the vacation over multiple billing cycles.

“The reason that’s worrisome is because the average credit card charges more than 20%, which is close to a record high,” said Ted Rossman, a senior credit card industry analyst at Bankrate. […]

Travelers can also save by choosing to visit locations at different times of the year. Lower demand usually leads to lower prices.

“Zig when others zag,” Rossman said. “Maybe travel in the offseason or the shoulder season, or drive instead of fly, or travel midweek instead of on the weekend. If you can let the deal dictate the destination, that can really help you out. Flexibility is key.”

Read more here.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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