You may have earned a vacation this summer for all your hard work, but have you earned enough money to take one?
Family vacation, motorhome trip.
In a national survey from financial planning company LearnVest, 74 percent of respondents said they’ve gone into debt to pay for a vacation. On average, that debt topped $1,100.
While two-thirds of Americans said a week-long vacation would cost more than their monthly housing expenses, more than half have forgotten or failed to include a vacation as part of their annual budget.
Paul Oster, president of credit repair company Better Qualified in Eatontown, said folks who’ve spent beyond their means for a trip — or plan to do so this summer — should set up an “aggressive post-vacation payment plan” to avoid getting buried with fees and interest down the road.
“You should have a plan in place to pay off any of the expenses that you’ve incurred within a six-month period of time for sure,” Oster said. “One thousand dollars on a credit card can quickly become $1,200, $1,500, $1,700 and even $2,000.”
Oster said a repayment plan could mean cutting back on other, smaller expenses, such as the daily coffee run on the way to work, or buying lunch.
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