One in Four Americans Can't Afford a Summer Vacation This Year
A new Bankrate report found that 39 million Americans are staying home this summer.
While the stock market booms, ordinary Americans are struggling to afford family vacations this summer.
According to a new report from Bankrate.com, 39 million Americans (one in four) will skip taking time off this summer due to financial reasons. The reason? They simply can't afford to.
Bankrate found that only half (52%) of Americans are planning on taking a summer vacation this year, 26% are definitely not planning one, and 22% have yet to decide. And can you blame them? The average expected expense among those who are planning a vacation this summer is reportedly $1,979.
A whopping 44% of the 2,577 of respondents who claimed that they can't afford a summer vacation cited day-to-day bills as their primary obstacle, while 22% said that paying down debt is the biggest factor preventing them from being able afford a trip.
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"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," Bankrate's credit card analyst Ted Rossman told Travel Pulse. "A balance transfer credit card with zero percent 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."