When it comes to paying for vacation, most Americans go into debt to do it.
A new survey from LearnVest, found 74% of people say they’ve gone into debt to pay for a vacation.
The average vacation debt is $1,108.
The 2017 LearnVest Money Habits and Confessions Survey found on average, Americans spend 10% of their annual income on vacations. A quarter of respondents said they spent 15% or more.
The financial planning firm says there are some things you can do to avoid going into vacation debt:
- Step away from the flash airfare sales
Decide your destination and stick with it
- Budget for your vacation
Set an amount you can afford, divide by 12, and save that amount each month for your trip
- Cut back on ‘fun’ spending to help pay for a trip
Eat at home, make your own coffee, cut back on shopping