Skip to main content

Americans With Debt Don't Want to Sacrifice on Travel: Should You Save So You Can See the World?

As a nation, we're struggling with more debt than ever. According to recent statistics, U.S. consumer debt increased by 5% from April to May of 2019, totaling $4.09 trillion. Between credit card debt, educational loans, and bankruptcies resulting from unpaid medical bills (the last of which affected an estimated 2 million Americans during 2013), it's no wonder that many of us are feeling bogged down by what we owe. But evidently, we aren't willing to give up certain privileges due to our debt. In fact, a substantial number of Americans say they wouldn't forgo traveling due to their debt -- and some are even willing to take on more debt to have these experiences.

In 2017, domestic travel increased by nearly 2%, representing 2.25 billion personal trips throughout the United States. But whether you want to stay state-side or travel to a distant country, being able to afford a vacation can be a challenge. That's particularly true if you're already struggling to pay for your lifestyle. And yet, according to an online survey conducted by, 70% of U.S. adults who have existing credit card debt report that they would be unwilling to reduce their leisure travel expenses by 50%.

Despite the fact that many Americans are leaving unused vacation days on the table each year, those who do choose to travel tend to view these expenses as necessary ones. The average household with credit card debt spends roughly $2,211 per year on leisure travel, while households with no credit card debt spend around $3,188 per year on leisure travel. Since the federal government shows that the average household with this type of debt owes $5,700 and the average credit card charges a 17.76% interest rate, making no progress on paying off this debt can have huge consequences. According to one expert, making only the minimum payment on your credit card will keep you in debt for almost 20 years and force you to pay nearly $7,500 in added interest, which can make it nearly impossible for you to start saving for retirement or higher education for your children.

Still, many Americans remain undeterred. Millennials, in particular, are not willing to put off a vacation -- even if they can't actually afford to travel. This generation is actually the most likely to go into debt due to traveling, perhaps because these individuals are more concerned with experiences than material belongings. And since millennials already deal with low wages, side hustles, student loans, and unaffordable housing, it's no surprise that debt has become constant in their lives.

Although it's not impossible to travel with debt (particularly if you're dealing with student loan debt or car loans, rather than credit card debt), it'll behoove you to be smart when planning your trip and to take steps to tackle that debt prior to setting out. Planning a trip on the cheap -- choosing a vacation that's closer to home, for example, or offering to house sit for a friend can be a great way to see new places. You might also consider taking a shorter trip, cutting back on food expenses when possible, or keeping an eye out for free or affordable activities. Of course, you'll also want to make attempts to face your debt so that you can feasibly afford a vacation. Identifying the habits that have added to your debt, assessing what needs to be done to pay it off, and meeting with a financial planner can all allow you to gain a bit more monetary freedom.

It's clear that countless Americans are more than willing to travel in spite of their debts. But by paying off those debts and saving money specifically for travel purposes, you can alleviate some anxiety and take action to gain control of your financial situation -- without having to skip a much-deserved getaway.


  1. This internet site may be a walk-through it really is the knowledge you desired concerning this and didn’t know who need to. Glimpse here, and you’ll definitely discover it. garage floor coating blue


Post a Comment

Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!

Amazing Ways To DIY Your Nails In The New Year

Having beautiful fingernails can really boost a woman's confidence. Not only do they feel sexy and sassy but they look well maintained and professional. There are a number of different styles of manicures you can get done professionally but they can be costly and if you are trying to stick to a budget and save money it is best to give DIY a try. These beautiful nail designs are easy to do and look fantastic. There are some that are more intricate and some that are simple but all will be amazed that you made them yourself. Try using small gems and crystals at the tips to add a touch of sophistication.  Tips make a world of difference and they can be as easy as you wish. There are so many beautiful polishes that have amazing colours you can match. These simple nail designs can be done by any busy lady and make a lasting impression to anyone who comes across them. Hot Beauty Health has all the instructions for these super simple nail designs. There are a large number