A significant number of Americans have given up on going on vacation this summer due to the high cost of living, according to an exclusive poll for Newsweek.Forty-four percent of respondents to a survey conducted by Redfield & Wilton Strategies on behalf of Newsweek between June 27 and 28 said they won't be traveling anywhere in the next three months, with a majority of 53 percent saying they would have gone on vacation had the cost of living been cheaper.
'With so many people spending so much more for housing, food, gas and other essentials, there's less money to go around for other things such as travel. 'Higher interest rates have pinched buying power as well, especially for the roughly half of credit card holders who carry debt from month-to-month at an average rate of 20.71 percent . Credit card debt is easy to get into and hard to get out of.