Under-Budgeting Extremely Common Among Vacation-Goers
Many vacationers not only under-budget for summer travel, but also choose to use credit cards for expenses that they cannot readily pay for. This leads to both mounting debt and the future stress of repayment schedules.
According to an Experian survey, 57 percent of all travelers expect to charge more than half of their vacation expenses, and over one-third have not been saving up at all for their trip in advance.
Not only are these initial numbers alarming, but they do not include the unplanned costs that often arise during vacations. Over 60 percent of summer travelers have run into unexpected fees during a previous vacation, and 68 percent of the survey respondents stated that they spend more money than they budget for on the majority of their trips.
Millennials and credit card usage
In the case of Millennials, it was found that on average they expect to charge 60 percent of their entire summer vacation. While many smart Millennials (44 percent) have cancelled travel plans due to insufficient funds, a larger group (50 percent) have continued on with their vacation using credit cards to pay for the costs they couldn’t afford.
The misuse of credit cards while on vacation can greatly affect your financial health and credit status for years to come. If you or a someone you know is currently embroiled in credit card debt problems and looking to take the proper steps to recovery, Kelley Kaplan & Eller may be able to help. We invite you to schedule an initial consultation with an experienced bankruptcy lawyer in West Palm Beach and learn how you can best combat your specific financial situation.