Thirty-nine million U.S. adults won’t be taking a summer vacation this year because they simply can’t afford one, according to a new Bankrate.com report. Forty-four percent of them cited day-to-day bills as the primary obstacle.
“Paying down debt is important, but make sure you do it right so this isn’t the reason you miss out on a summer vacation next year,” said Bankrate.com credit card analyst Ted Rossman. “A balance transfer credit card with 0% interest for up to 21 months will help you pay down your debt faster so you can get back to spending your money on more rewarding things.”
The average summer vacationer will spend about $2,000. The median is $1,000.
“If you want to take a summer vacation and think you can’t afford it, consider signing up for a travel or cash back credit card,” said Rossman. “There’s still time to turn a sign-up bonus and ongoing spending rewards into a free or discounted trip. Just make sure you pay your bills in full to avoid interest.”
He said older Millennials, in their 30s (30-38) will spend the most at $2,400 this summer and younger Millennials, in their 20s (23-29) will spend $1,300.
- A third of people surveyed will leave half of their paid vacation time on the table.
- 60 percent of people not planning summer vacation said they can't afford it.
- 23 percent aren't interested in taking vacation.
- 22 percent of people aren't sure if they'll use all their vacation
- 15 percent won't because of health/age, 13 percent said they had too many family obligations and nine percent couldn't take time off work.