Survey: Most Americans go into debt to pay for vacation

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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

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