To cut debt, Americans are downsizing or even eliminating summer vacation plans

first_imgThe U.S. travel industry won’t like it, but only 44% of Americans are taking a vacation this summer, and “the vast majority are not planning on going into debt over it,” according to a new survey.Simultaneously, the credit card sector won’t like the fact that 80% of U.S. adults who plan to take a vacation this summer will pay for some or all of it with personal savings “Most Americans want nothing to do with debt these days,” says Matt Schulz, senior industry analyst. “With the Great Recession still fresh in their minds, people are watching their budgets more closely and making sure they’re not overspending, even if it means scaling back on vacations – or skipping them entirely. If they can’t pay for the trip quickly, they just won’t take it.”It’s possible that people are realizing that adding to their debt is simply not smart, says Kevin Gallegos, vice president of Phoenix operations for Freedom Financial Network. “The average U.S. household that carries monthly credit card debt owes more than $15,000,” he notes. “Interest and fees mount up quickly. If people are looking at long-term goals – such as putting a child through college or retiring someday – they may realize that going into more debt for a vacation is counter-productive.” continue reading » 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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