Survey: Most Americans go into debt to pay for vacation

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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

*Click here to read more about this survey