A recent survey showed that 80% of Americans will pay for at least some of their summer vacation with savings this year. Fifteen percent said they’ll put it on a credit card. Another 14% said they would use credit card rewards or miles to cover their summer vacation expenses.
Not everyone is going on vacation
Only 44% of those surveyed said they were taking a vacation at all this summer. And most of those who are don’t plan to go into debt to finance their vacations. Sixty-seven percent of vacationers said they’ll pay off their vacation costs within one month, while 11% expected to take upwards of four months to pay off their vacation expenses.
Keeping costs under control
Credit card experts recommend creating budgets, tracking spending, and looking for low-interest credit cards as a way to keep holiday costs under control. Another way to save is to get a 0% interest balance transfer credit card and transfer any lingering debt over to that.
Credit card rewards are rewarding
Using credit card rewards to score free airline tickets, hotel stays, and other travel perks is a great way to make the most of having a great travel credit card. College graduates and affluent households are the most likely to use credit card rewards to pay for summer vacations, according to the survey.
The survey also showed that older folks are more likely to put vacations on credit cards. Millennials, perhaps surprisingly, are the least likely to pay for a vacation with a credit card. That might be because young people are less likely to be comfortable taking on debt than older people are. In fact, millennials have been shown to be more reluctatnt to use credit cards than other groups, by far.
Regionally, folks in the Midwest are the most fiscally responsible when it comes to paying off debt. Seventy-six percent of them plan to pay off all their travel expenses within one month—the most of any other area in the country.
The summer vacation survey was conducted by Princeton Survey Research Associates and included responses from 1,000 adults in the United States. It was done by telephone interview in May 2016, in both English and Spanish.
Read Also Related News
Recently U.S. News & World Report - a multi-platform publisher of news and information, conducted an online credit card debt survey with more than 1,000 adult respondents. It turned out that a huge number of American cardholders were...
Tis the season to spend money we may not have on things we may not need. As the winter holidays approach, many kids are preparing their letters to the North Pole and dreaming of the presents they hope will be under the tree on Christmas...
If you’ve ever had trouble making – and sticking to – a budget, you’re not alone. A recent survey showed that while 92 percent of Americans believe everyone needs a budget to keep their finances in order, only 70 percent are...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...