One thing summer sees a lot of are people taking vacations. One thing individuals may want to keep in mind when planning a summer vacation is finances.
Vacations can have a fair amount of costs. Sometimes, such costs end up pushing a person into debt. A recent study indicates it is fairly common for individuals here in the U.S. to take on debt in relation to trips.
In the study, 1,000 U.S. adults were polled on their vacationing habits. The responses suggest that going into debt in relation to vacations is something that nearly three-fourths of Americans (around 74 percent) do. The study also indicates that the average amount of debt incurred by Americans in relation to vacations is around $1,100.
How much debt is incurred during a vacation could have a variety of impacts on a person. For one, it could influence the person’s likelihood of running into debt struggles. So, keeping vacations from leading to a big debt load is something many may find to be a very important goal.
One thing that could help with this goal is doing some advanced planning. Preparing in advance for the costs of a trip could help with reducing the likelihood of such costs pushing one into a difficult debt/financial situation. Examples of such preparations include factoring vacation expenses into one’s annual budget and taking expense-cutting steps to build up savings to put towards a vacation.
Timely planning can also be important when a person does end up encountering debt problems in connection to vacation-related debt or other debt. How quickly an individual starts planning and preparing for how to address the problems after such problems start to appear could have implications on how likely they are to achieve the overall goals they have related to the resolution of the problems. So, among the things a person may wish to promptly do when a significant debt problem raises its head is discuss possible strategies for addressing the debt with an experienced bankruptcy attorney.
Source: WFMY, “Americans Take On This Much Debt To Pay For A Vacation,” June 26, 2017