More than one-third of summer vacationers say they are willing to take on debt to pay for travel, according to a March 2024 report from Bankrate.
in order to travel this summer, according to a March survey from Bankrate. The payment methods for summer travel expenses ranged from personal loans andAdditionally, 26% of summer travelers said they intend to use a credit card and pay over for the vacation over multiple billing cycles. "There are so many compelling reasons why people choose to take on debt to have these vacations," said Sabrina Romanoff, a clinical psychologist.
"Money on trips can feel like Monopoly money," Romanoff said. "For some reason, we're much more willing to just say yes to the experience because we're just in this, like, luxurious mindset." "I had a client I worked with who decided they were going to stay in an Airbnb, and they were going to cook all of their food, so they were going to save on food and they were going to splurge on this boat trip they were really excited about, and it felt like a compromise," Romanoff said.