Of those taking a trip, 78.2 percent plan to pay for all or part of their getaway with credit cards and 28.5 percent plan on taking three or more months to pay off their vacation charges.
Of those taking a trip, 78.2 percent plan to pay for all or part of their getaway with credit cards and 28.5 percent plan on taking three or more months to pay off their vacation charges.
âUsing a credit card to pay for your vacation can be a very convenient way to track your spending, make hotel reservations and have financial security while traveling. But a credit card should not be used to finance a vacation you canât afford,â Mr Rhode said. âWhile everyone needs a vacation from time to time, no one needs a huge bill when they return home, except maybe the credit card companies.â
Not everyone will be packing up the kids and heading to the beach, though. The survey also shows that while 48.5 percent of Americans will be taking a summer vacation, 48.4 percent will not. The other 3.1 percent were undecided.
For the second straight year people in the Northeast plan on spending the most on their vacations, with an average of $2,710. People in the West came in a close second with an average of $2,602. Those is the South plan on spending $2,272 and those in the Midwest plan on spending $2,057.
The Myvesta Summer Vacation Survey was conducted May 16â18 in a random telephone survey of 1,000 adult Americans.