Survey finds majority of people go into debt to pay for vacation

(WTNH) — Most people are putting themselves into a financial hole to take a break, according to one survey.

A survey by a financial planning firm shows that 74 percent of people go into debt to pay for their vacations.

The survey shows people spend an average of 10 percent of their annual income on vacation! It also found the average vacation costs most people more than their monthly rent on their mortgage.

However, there are some things you can do so you don’t spend too much.

Related Content: ‘This isn’t right:’ Woman speaks out after her hotel reservation was cancelled with no refund

The first tip is to start saving now and to cut out things you really don’t need like stopping for your morning cup of coffee.

Another piece of advice is to plan your vacation down to the last dollar so there are no surprises.

Furthermore, you shouldn’t be dazzled by deals. Although you might find great sales on flights, you shouldn’t spend money you don’t have.

Also, try not to put too much onto a credit card and try to pay off your monthly balance as soon as you can so you don’t drown in interest.

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s