Are you considering taking on debt for a summer vacation? According to a recent Bankrate study, 53% of Americans are planning to take a summer trip this year. What's more surprising is that over a third of these travelers are willing to go into debt to fund their vacation.
Credit Card Usage on the Rise
The study also revealed that 62% of travelers will be using a credit card to pay for at least part of their summer getaway. While some travelers will pay for their expenses in full, others will choose to carry a balance over multiple billing cycles.
Generational Differences
Interestingly, the willingness to go into debt for vacations varies among different age groups. While 47% of millennials are open to taking on debt for a summer trip, only 22% of baby boomers share the same sentiment.
Cost Concerns
Despite the enthusiasm for summer travel, not everyone is fully embracing the idea of spending money on vacations. Almost 28% of adults admitted that they would skip a vacation this year due to financial constraints.
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To sum up, the willingness to go into debt for summer travel is a prevalent trend among Americans this year, with a significant portion of travelers prepared to incur debt to make the most of the upcoming season.