Americans spend billions every year to go on a summer vacation. However, the number of people who go into debt to pay for their vacation continues to increase. Every year, more and more people take a summer vacation without having enough money to get through their trip. Data, from a poll released by Twine, claimed that “51 percent of people do not have a savings goal to fund their summer vacations.” The bankruptcy Attorneys at Castle Law Office have some tips to help you avoid going into debt to pay for your vacation.
According to the U.S. Travel Association, 2.7% of the nation’s gross domestic product can be attributed to travel and tourism. Summer is synonymous with vacation and now families are able to take longer vacations thanks to lower gas prices and more affordable travel options. Allianz Travel Insurance reported that the total amount spent during summer vacation surpassed $100 billion for the first time in our nation’s history.
Credit Card Funds
You may want to think about putting together a savings plan so that you can pay for your vacation in full prior to your departure. You may also want to think about loading the money you have saved onto your credit card so that you can still receive any points, mileage or cash back rewards offered by your credit card company. Another way to limit the usage of your credit card is to bring cash then divide it into an allowance for each day that you are on vacation. We also recommend keeping your credit card with you for emergencies only.
Book with Confidence
A quick decision and a lack of research may result in overpaying for your vacation. Many hotel and airline companies will have yearly promotions that offer large discounts that may reward you for booking your vacation in advance. There are tons of websites and online tools to help you compare the cost of your hotel, rental car, flight, ect.
Check out these sites before you book your next trip:
It may be worth your while to research the area that you are traveling to so that you can familiarize yourself with the area.
Are you tired of traveling with a cloud of debt? Call Castle Law at 816-842-6200 or click here (NOTE: need to make the click here a clickable link) to email us to discuss what filing Chapter 7 or Chapter 13 bankruptcy can do for you to give yourself a fresh financial start. Our consultations are free, and we want to help get you back on track.