How Americans Are Paying For Vacation

More than one-third of summer vacationers say they are willing to take on debt to pay for travel this season, according to a March 2024 report from Bankrate. The average vacation for one person in the U.S. costs nearly $2,000 per week, according to BudgetYourTrip.com. An analysis by Forbes Advisors found that 28% of Americans across all generations say they have less than $1,000 in personal savings as of May 2024. Watch the video above to learn about those vacation-spending practices and what financial experts think about them.
Chapters:
0:00 Introduction
1:16 Credit card debt
3:12 Taking out a loan
4:58 Economic consequences
6:54 Fun on a budget
Produced by: Charlotte Morabito
Edited by: Dain Evans
Animation: Jason Reginato
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images
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How Americans Are Paying For Vacation

[@dwoolf7019]

The credit card debt can last longer than the memories of the trip.

[@1Nynja]

The debt will help them remember.

[@maestrovso]

Best comment of this video. Sadly it is too true to be funny.

[@IbrahimMohamud-zf6xm]

😂​@@1Nynja

[@robertgworek2497]

Debt can destroy the whole family. With debt stress and tensions come.

[@shaunmc013]

lol 😂 yeah but life is all about memories and sometimes you have to fund those memories. But I definitely wouldn’t do it lol 😅

[@yeah_right88]

Never in my life would I go into debt for vacation

[@KNRS927]

People go into debt for all sorts of things. Vacations, time sharing, weddings, you name it. They follow YOLO, and just want to enjoy life. I'm not that extreme, but I do get where these folks would be coming from.

[@macmiller1678]

@@KNRS927yeah I think social media and “fomo” leads people to make a lot of stupid decisions

[@justSTUMBLEDupon]

Most do, definitely in 2023 and more so now.

[@KNRS927]

@@macmiller1678 Some folks just have different priorities. Not everyone prioritizes retirement, planning for the future and FIRE as some others do. I prioritize tangible items or assets that I intend to keep for a long time, but others prioritize experiences and what not.

[@dquan731]

It’s absolutely insane to use credit cards with 20%+ interest. You think your life sucks now, you’ll have a fun time paying off your high interest debts.

[@markthompson1796]

If you can't pay cash, you can't afford it.

[@liko098]

Amen.

[@breannajones2161]

🗣️

[@isaiahdurenrealestate]

💯

[@JomerTB]

A better rule is if you can't pay for it twice over, you can't afford it.

[@Friedrich687]

Normies when you tell them to control their impulses:

[@liko098]

People that go to vacation with a loan are the prime example of morons. Vacation is a luxury not a neccesity.

[@mikea5745]

Really depends on your financial situation. I can take a loan against my 401k at 4% interest that I pay to myself. If I can take a 12-month, $4,000 loan @4%, against my 401k for a vacation, it would be financially irresponsible not to do it. I would be getting stock market gains for the money I didn't spend over those 12 months, in addition to effectively paying nothing for the loan (since I'll get the money back at retirement)

[@rahundsigma]

​@@mikea5745quit yapping. Debt for vacation is dumb af

[@jordane813]

Time off is a necessity, I agree that expensive vacation aren't though

[@IAmEric85]

@@jordane813 but that's not what liko098 wrote... taking on debt for vacation is financially unwise and frankly stupid. Cause you will end up spending more of your limited lifetime to pay teh debt off.

[@Lawliet734]

@liko "...luxury not a neccesity [necessity]." Correct spelling and grammar are a necessity, not luxury.

[@jeffcmo1957]

Couple things here 1. Vacations are Luxury not mandatory 2. Taking Time off from work is necessary and extremely beneficial but not if it cost you and makes you going into debt 3. Staycations are highly underrated, don’t travel but take time to enjoy the place you live.

[@mocheen4837]

People think they are entitled to a luxurious vacation. My coworkers take lavish vacations spending $10,000-15,000 each trip. This does not include the shopping while on vacation.

[@diegolara4202]

Staycations are my favorite. Free, and you just relax. Some vacations are more overwhelming than fun.

[@dquan731]

Yup. I’ve lived in my area for all of my life and I feel I’ve only scratched the surface of all the things I could be doing right here at home. It’s interesting people never try to plan a staycation and explore their hometown more. I’m guilty of that myself.

[@nishaplustwo]

My family is doing a staycation this year, and my children are just as excited

[@sp3357]

@@diegolara4202 you know what you are exactly right I was gonna to New Orleans for a little vacation getaway but hearing stories and all of that I rather stay at home and save my money ❤

[@Mr.Boring_Man]

Americans have another option... wait and save. Also, live below your means so it's easier to wait, save and pay.

[@longbeach225]

With this level of inflation people really can't save anything. Some jobs are now lower paying to make it worse. Its overall a bad situation.

[@bilo6832]

Agree, and stop comparing yourself to people on social media. Most of those people are broke.

[@mistervo8185]

​@@longbeach225but still, people don't need to make the situation worse by going into more debt for something they don't need to do.

[@leealex24]

I thought americans have very high nw

[@shawnlassiter5274]

I couldn't agree more, people don't have patience anymore. Wait and save so you don't have to worry

[@ewrock7635]

I do a "staycation" every time I get a week off of work. I have a modest salary and yet I'm able to max out my Roth IRA every year due to my simple lifestyle. Go hiking, go to your local zoo, or just catch up on reading. Plenty of affordable ways to enjoy time off.

[@skeetrix5577]

one word-BORING rofl

[@beepboopbeepp]

@@skeetrix5577 if he enjoys it it’s not boring if you wanna go broke to have a little fun thats your choice this guy would rather chill and save.

[@PelosiStockPortfolio]

@@skeetrix5577 you sound like every woman Ive ever known

[@felixpope6073]

We deserve to see more than our local zoo

[@momomama2510]

That’s no way of living. Sorry! America should be considered a 3rd world country in 2024z

[@containedhurricane]

Borrowing money for vacation is stupid

[@nata3467]

go camping , not Disney- teach your kids responsible use of money and consumption

[@SivalinPuthery]

Tell that to the US government and its trillion dollar debt binging program

[@containedhurricane]

@@SivalinPuthery The US government borrowed a lot of money because they could just print it out without being backed by gold, to fund the US' world domination projects

[@bicgohill8756]

“Don’t be a dumb butt” Dave Ramsey.

[@rg7729]

I was literally gonna post taking a trip to disney is stupid ​@nata3467

[@kk4649k]

Social media got to be one of the biggest contributors. People want to look rich and impress people online that can careless about them than to actually be rich by saving and investing

[@jesse2576]

When you go on vacation and have no debt the vacation hits different more enjoyable not worrying about debt

[@martinezjames83]

Just not everyone is willing to wait a few years

[@bonky221]

I plan my vacation 6 months in advance and go during non peak season. You'll save up to 50%.

[@HighPriestessK]

👍🏿! Yes! I do too.

[@erickn7985]

Facts I purchased my plane ticket to Barcelona in December for my trip next week. Roundtrip economy ticket from the Midwest to Barcelona, Spain $496.

[@tayjones8552]

Exactly, some people don't plan right.

[@scottysteadman5063]

💯

[@Basquesi68]

Exactly what we do

[@keybraker]

That woman talking about how important a Disney land trip is and how worth, it is to go into debt for it, sure is on the creditors pay roll.

[@craigemmett2425]

Lifelong memories: I remember my dad taking me camping and teaching me to fish.

[@lil----lil]

Your dad paid the vacation from his savings (just ask him). 100% he didn't take out a loan for it.

[@jorgeayala6310]

Boring as #$##

[@VendieSolde]

​@@jorgeayala6310 Like ya mammy

[@thorsrensen3162]

Today kids have to go to vacation, otherwise they will not have anything to tell in their school to the other kids. The teachers always ask the kids after the summer where they has been staying in the summer holliday,

[@fieryelf]

If you can't afford the trip now, you most definitely can't afford to pay your credit card afterwards.

[@zacquelinebaldwin2555]

This is where budgeting and fiscal responsibility is very important. This is literally what my partner and I did. The credit card is the travel budget. We spent 4,000$. We pay it off 300$ a month. We can afford it so no big deal. We’ll take another vacation in two years. This is the “good debt” they talked about that boosts your credit score, if you have discipline and self control

[@tylerhair9067]

@@zacquelinebaldwin2555lol! Good debt 😅😂

[@nicholasselke5214]

@zacquelinebaldwin2555 you just fell for the FICO scam. It’s cyclical. I have to go into debt, so I can build my credit, so I can go into debt, so I can build my credit, so I can go into debt, basically it’s a dog chasing it’s tail Also, it’s NEVER fiscally responsible to borrow money (yes, credit cards are borrowed money) for anything that is not a necessity. If you’re paying monthly on a credit card because you used it for a vacation, you shouldn’t have gone on that vacation. That would’ve been the fiscally responsible thing to do There is no such thing as good debt. Some debt is worse than others, but no debt is the only good debt

[@Olav3D]

@@zacquelinebaldwin2555 20%+ interest is not good debt lmao. Good debt is for assets, a trip is not an asset. Keep rationalizing bad choices...

[@ramstrong1961]

2008 is long forgotten...Americans are about to get a reminder.

[@rjb]

...and this time it will be wider spread.

[@TravelTechie415]

I hope so, but I think this time around things will continue getting more expensive

[@thorsrensen3162]

I will rather buy an american built RV and travel around in USA than going to europa every year.

[@orichinal.]

If I can’t afford it, I simply do not go. Self control.

[@tuphdc8779]

I can afford it but it's still a waste of time and money lol 😂

[@orichinal.]

lol I hear ya! 😂

[@zacquelinebaldwin2555]

THEY ARE NOT STUPID. This is where budgeting and fiscal responsibility is very important. This is literally what my partner and I did. The credit card is the travel budget. We spent 4,000$. We pay it off 300$ a month. We can afford it so no big deal. We’ll take another vacation in two years. This is the “good debt” they talked about that boosts your credit score, if you have discipline and self control

[@George_consol_log]

I can't believe people needed an analyst to tell them to save money and then go on a trip. Isn't that common sense.

[@christophermarin8033]

Common sense it’s not so common nowadays.

[@randomguy7175]

The Democrats have taken over education system, dumbness is the new normal 😅

[@Bob-yh7ir]

Not in America. Too many people have their heads stuck in the sand ( or up you know where ) to accept reality.

[@2MANYCARS]

Yup, I use credit card for many things including vacations, BUT, I clear those charges out every month, bank sees me as "dead meat" and I love it! hahahaha

[@HighlordFrancis]

Points baby!!!

[@doujinflip]

For interest charges anyway. They still have your spending habits and all the transaction fees that the merchant usually pays for.

[@hsingholee1058]

And getting 2% back while doing it, nice.

[@user-xo4xd1vk8z]

No money = No spending. Y’all don’t need a Ph.D. to figured this out. Lifelong memories, I remember I grew up poor and nothing wrong with it. I still have peace and happiness.

[@callieco_]

I just hear Caleb Hammer screaming "You can't AFFORD a vacation!!!!!!!"

[@Diverse0725]

The irony of having to work EXTRA hours to pay for time off is insane....

[@1stTnetix]

UNDERRATED COMMENT!

[@bubba842]

So you never take time off work?? That's pretty sad.

[@Diverse0725]

@@bubba842 I take time off work. The video is about people going into debt to take time off work. That I will never do. If I can't pay for vacation, I will spend my days off at home. If I want to take a vacation, I will save up for one, not use a credit card.

[@chessmaster1115]

Rice and beans for me staying home because i am too broke for a vacation.

[@cutenobi]

You’re smart. American’s using loans for vacations are lot more broke than you…they’ll continue to stay broke by doing so.

[@skyak4493]

Spluge and put some sausage in the beans. It really makes the meal. If you want to do even better and cheap, my favorite is black beans with taco seasoning (chili powder) a breakfast sausage, and some foraged stinging nettles and garlic mustard! With freash chips this will beat 20% of vacation meals.

[@abdiganiaden]

You’ll get old and wonder what you did with your young and productive life

[@SeiyaSoiya-un4jj]

@@abdiganiaden Nope. He’ll get older and have financial freedom because he sacrificed a little now for enhanced gratification later. Foreign concept to young Americans, I know.

[@sp3357]

@@SeiyaSoiya-un4jj❤ yep

[@patrickking9600]

The worst thing is that our constant borrowing really just drives the cost of everything up even more.

[@jstar3943]

100% Inflation is sticky largely because people are comfortable spending more. Folks will say they don’t like inflation, but then go into debt for vacations anyway lol

[@mikea5745]

That's by design. Our economy is intentionally designed to have higher than necessary inflation. When consumers are spending more money, it increases the profits of large companies. The rich that own companies and stocks profit more with those higher margins

[@ricardodelacrvz1400]

isnt it amazing when it crashes for people who actually save money

[@SeiyaSoiya-un4jj]

@@mikea5745 Knowing that, you’d like to think people would prioritize savings. But they don’t, because they want instant gratification.

[@1stTnetix]

@@SeiyaSoiya-un4jjyou are people don’t forget this when you absolve yourself… what is your flaw, none I presume?

[@pmarcusb]

This is why I didn't feel bad when people on social media complain about having no money. They waste money in so many different ways and don't live within their means.

[@momomama2510]

That’s just not true. Millions of people don’t have any money to spend.

[@SmartDew]

​@@momomama2510doesn't change the fact that in general, there is a large proportion of the population that is moronic with their spending.

[@momomama2510]

@@SmartDew I don’t think you understand what I’m saying. There is a big difference between when the economy is decent and people go into debt for stupid reasons. And when the economy is very bad and people can’t pay rent. There was and there will always be stu pid people. That’s probably never going to change. But the number of people putting their vacation on their CC has definitely shrunk in % because people use their CC for food now instead and can’t even think of vacationing.

[@SmartDew]

@@momomama2510 did you just not watch the video at all? Over a third of people are funding their vacations with debt which is probably the second stupidest financial decision you can make behind "investing" into crypto.

[@pmarcusb]

@@momomama2510 majority of people are stupid with money. People that are smart with money are doing well. Using Uber, ordering Uber eats, music and streaming subscriptions, wanting to live alone, have a 30k+ car, be able to go out and enjoy nightlife, plus take vacations doesn't make financial sense if you make the average 40-50k annually. So many people have the, you only live once and tomorrow's not promise mindset. That mindset has consequences.

[@LaTericeallover]

What’s a vacation? You mean the week I stay at home, do chores:repairs and watch several seasons worth TV shows I’ve missed?

[@HavocRLJ]

😂😂😂😂😂😂😂😂 that sounds about right!

[@ingothitrust5248]

I love Europe, but most of the time, I'd rather stay home, play computer games, and pig out on fast food. That often brings me a lot of peace, more so than any exotic vacation.

[@Restorationshopyt]

Taking out a loan to go on a vacation is INSANE. So is paying credit card interest to pay for it. What on earth are people thinking??

[@DamianBadalamenti]

They need those insta or Facebook pictures to look successful or like they live a fantastic life for all those people they actually don't like..

[@ledheaded12]

That’s the problem… no thought just want… crazy misstate to be in

[@DrBeauHightower]

This ​@@DamianBadalamenti

[@ungluedmom]

They "earned" it.

[@Olav3D]

@@ungluedmom The funny thing is that did not even earn it considering they are going into debt to pay for it lol

[@jeanah685]

That's exactly the type of priority problems that keep people poor.

[@joefunk76]

Corporations figured out long ago a simple yet powerful characteristic of most Americans: They are willing to enter into deal that is terrible for themselves and great for the corporation so long as the benefit is received immediately and fully but the detriment can be realized over time. 💀

[@Erintii]

For me, as a European, it makes no sense to tale a loan for a holidays. It happens here too, but for me this is absolutely insane to go into debt for a holiday. I will be starting a mortgage soon, no holidays, staycations only, unless my apartment is truly mine. Staycations are cheap way to get to know surroundings, maybe start new hobby or restart old one? The only loans I take into account are mortgages for car, property or to start a new business. Can't afford holidays? Stay at home. Play with kids there are options.

[@Siethon1]

It might also be important to note that for a European, you could visit completely different countries, landscapes, and cultures in a relatively short period of time versus Americans for relatively low cost as well. In Europe, you can catch a very cheap flight / high-speed rail for less than 200 euros, stay in a relatively nice hostel for 40 euro a night at the high-end, and use public transportation to get around conveniently. Not to mention the cheap food options, if you stay away from tourist areas. In the US, you may have to pay upwards of 300 dollars for the flight (especially at the right time of day), another 500 dollars (at least) to rent a car for a week (excluding gas), stay in a decent hotel for usually over 80 dollars a night, and eat meals well over 20 dollars a person. As a side note, I was able to rent a car for 3 weeks in Spain for about the same price as a rental car in Atlanta for 3 days! :( Of course there is something to be said about staycations and staying on budget, but in such a broad market, I think the barrier to entry for a holiday in the US is high enough to where more people are willing to go into debt in order to have a vacation for a week once a year in the first place. The "big squeeze" of capitalism here is very real everywhere you go. Sure, there are much cheaper ways to have a vacation, but in terms of overall "experience", the bang for the buck in Europe is much better if you know what you're doing.

[@Erintii]

@@Siethon1 I know it is different, I used to live in Canada so I know it is different. However I will still argue, that taking a loan for a holiday is reckless. Travelling is not needed for life and I prefer to stay in my own town and walk around the surroundings for two weeks than have 10 dollars in debt due to travel.

[@VeraciusYT]

These days we have an offer, cross the country on train for like 8€. I could visit the Sagrada familia and the Alhambra in the same day for 8 bucks. As much as going abroad can be tempting, I still have so much to see at home.

[@Erintii]

@@VeraciusYT I agree 100%. There are many interesting places to see locally, wherever we are living in. It is cheaper, places are less crowded and still can be interesting to see. My dislike for a international travel stated few years ago: crowded and overbooked planes with poor service, over crowded places. Then I learned how this affects local housing market and decided to stop travelling far away.

[@unlimitedpower4101]

Mortgages are specifically loans for any liveable spaces. A loan for a car is just a car loan, and I would suggest also never borrowing for that either since cars are a liability and not an asset.

[@ladhkay]

Am I the only one who doesn't need instant gratification and can wait to save up for my trips and other wants in my life??

[@summaryjudgment]

No kid "dreams of going to Disney World". Parents just want the acknowledgment that they were able to take their kid to Disney.

[@kni9ght]

Especially not these days

[@AquAcid]

Idk I'll never forget the time my family took me to universal when I was a child, generalizing everyone's experience to justify not taking your own kids there is ridiculous.

[@appliedengineering4001]

I was gonna say. Disney world today just absolute sucks, compared to what it was just 30 years ago. Today, we go to Pigeon Forge, Tennessee instead. It's 5 times cheaper and less crowded the Disney world. Plus, the kids like it a whole lot better then Disney. When your kids are telling you that Disney sucks, then you know that something is wrong.

[@GovmntLacky]

I found this very interesting. I just looked to book a hotel for a vacation recently. For a 3-night stay at an Oceanside hotel, the range was from $2,000 to $2750! And they were almost fully booked!! Just for the hotel!! How are Americans hurting so bad if they can afford this? I make pretty good money and even I said NO WAY!! Insane!!

[@MrLakers92]

Well, because they actually cannot afford it.

[@liahlove8297]

Same. I have a very good job but I have been checking out islands I wanted to visit and decided I'll do it next year and yes I have a good savings and can afford it. And I know of people I earn more than that have traveled at least twice so far this year. Lol guess we have our priorities straight 😂

[@kittymeowski]

Google how many millionaires there are in America.

[@nicholasselke5214]

@kittymeowski look up what “millionaire” means. The vast majority of millionaires don’t have anywhere close to a million dollars in their bank accounts. Most tend to be tied up in the value of their homes (which are almost always paid off) and their 401k’s. Usually not much liquid cash except for their emergency funds

[@MPPG663]

Why do you assume they're all Americans? And even if they are American, why do you assume they didn't save to afford those rates? People have to stop trying to count other people's money.

[@ReddingRed]

Buying money at an interest for a vacation is why Americans have no retirement savings. Well done...teach your kids about money by being honest about what you can afford. It will serve them well.

[@PelosiStockPortfolio]

People are taking their retirement vacations during their younger years. They will then be forced to keep working during old age. In 50 years we will see many videos about people who cant afford to retire and have to work into their 80's... they probably will put the blame on something else though

[@pappadudat]

Noooooooo the reason most Americans have no retirement savings is because the “social security” they take out that THEY don’t have to pay us back, raising cost of food and jobs not paying. I own my own business and I see the hit it’s taking. I rather go on vacation and deal with the problems after instead of dealing with problems now and problems later

[@mikea5745]

America incentivizes not saving. Money is practically free here. In many cases it's financially irresponsible NOT to finance things with debt. I could have bought my house in cash, but the interest rates and incentives made the effective mortgage rate just under 4%. I took the mortgage and left my cash in the stock market. Stock returns are double the mortgage payment. By the time my house is paid off I'll have never paid a cent for it, and had far more starting capital than when I started. Terrible system that only advantages those who already have money

[@ReddingRed]

@@mikea5745 Just how many Americans can pay cash for a house? Are you claiming that a $735 monthly payment at an average rate of 7.18% and a loan term of 67.62 months is financially RESPONSIBLE?

[@user-hm1dm6tf7u]

@@pappadudatuhh government is financing your social security okay. U think we actually pay a Pugh for ss

[@proudantiguan6897]

Miles sounds fun until you understand you need to spend thousands to get the needed miles

[@TheCloveart]

The best way to accumulate value is intro bonuses on multiple cards. I have around $6K in pts and miles and I know others online that have way more.

[@JomerTB]

Still worth it though versus spending the thousands you do normally on groceries and everyday expenses throughout the year. Might as well get a free trip out of it at the end of the year with those accumulated points.

[@tommyatkinson7312]

True, you should only try accumulating miles if you’re buying stuff on the card that you’d buy anyway AND if you pay it off in full every month. For a large number of people who do not adhere to those guidelines, miles are a total ripoff.

[@shawyonsharifi3394]

But u spend thousands anyways so might as well put it on a mileage card.

[@ss-fc2fh]

It is possible to take a vacation and not spend thousands of dollars. Staycation, drive to a neighboring city, etc. These people are ridiculous. If the vacation is not affordable then they are not taking an appropriate vacation. No one is entitled to a vacation they can't afford.

[@ZakiSalem-zh5gr]

Most people are using credit cards to pay for essentials these days, not just vacations

[@darinherrick9224]

Try paying medical debts on a credit card.

[@Diverse0725]

"I can't afford it" the more someone says this, the more responsible they are with their money

[@Cballin]

I always put my vacation on my credit card but i also pay that balance off before the end of the month.

[@JBoy340a]

That is smart. You got an interest free 30-day loan.

[@Cballin]

@@JBoy340a i guess, i only spend what i can pay off, i really only put it through the CC for the rewards

[@zacquelinebaldwin2555]

This is where budgeting and fiscal responsibility is very important. This is literally what my partner and I did. The credit card is the travel budget. We spent 4,000$. We pay it off 300$ a month. We can afford it so no big deal. We’ll take another vacation in two years. This is the “good debt” they talked about that boosts your credit score, if you have discipline and self control

[@tpp4007]

Me and my wife plan well in advance for vacation, typically about 6 months or so knowing the summer time will be coming. So we save enough to buy certain aspects like airplanes tickets first when we have enough, then pay for airbnb later when we have enough, then car rentals when we have enough, then so on and so on. I think that’s the best way to plan a vacation is to save well in advance.

[@lataviaharris8836]

I do the same thing, and I also catch deals in the off season.

[@xiphoid2011]

I'm an Asian American. Almost laughed out loud that some people are willing to go into debt to take a vacation. I mean, I am really tired of hearing people complaining about inflation when we Asian Americans have no problem saving double digit % of pay every month. The same people complaining about inflation are eating out and taking out loans for vacations. Gota love these first world problems, only in America.

[@blackmantravel6954]

Asian Americans, on average, make higher incomes than the average American. Which means you have a higher saving rate and higher disposable income.

[@wastingtime6211]

Yeah same.. my gf is Asian American but is min wage and literally just took on debt to go on a vacation. I knew I couldn't tell her no but it just sucked to see the hole get dug deeper esp after taking debt last year for a dif vacation and etc. She said I can look at her finances after and maybe I can encourage her to pay off the debt once she sees how it's possible, but yeah it's like when ur at the bottom of the barrel like that they don't see a reason why to care. Hard to break through

[@yvonnewong364]

@@blackmantravel6954that’s b/c as an Asian, we pay more emphasis in our education.

[@KaioshinAemi]

I’m Asian too, I worked 12 hours a day and 6 or 7 days a for many years. I don’t take vacation unless visiting my family in California. I don’t earn much but I paid off my $350K home, I paid off all my 3 cars. I have and saved enough money to retire early at 55 years of age. Vacation means taking time off work to stay at home relaxing, getting things done, enjoying free beach, playing ball at the park., riding bikes around town for fun. I don’t rental cars, hotels or expensive restaurants.

[@duerf5826]

Preach. I contribute to Roth IRA and 401k to their maximum allowable limit every year and still have some leftovers to put into a HYSA while colleagues with comparable salary are constantly broke. Excessive consumerism is built into Americans’ DNA.

[@gabrieljosue2451]

Debt addiction gives you an illusion of happiness while destroying your life and future. No different than a drug or alcohol addiction but with the added bonus of taking your family with you. People call it lack of financial education but most go into debt knowing very well the damage that it is doing , again…… addiction

[@GenerationTech]

2000$ a week is the problem, you can easily travel overseas for under $2000 a month

[@MuchachoCarracho]

Love putting expensive trips abroad on Amex. Not only is it a temporary cash management tool, racking those air miles is sweet. Then we pay it all up before interest kicks in and voila. No balance, no instalments. I would never go somewhere I couldn’t pay in cash, but a I’ll milk those rewards if I can.

[@pushslice]

Exactly true, but …I’m getting the impression in this video that …not everybody does this?? wtf? Credit card spiffs/rebates are awesome. It’s like a nice bonus discount, that makes the memories just that tiny bit sweeter when you see them roll into your account a couple of weeks after I get back from the travels.

[@miamivicefanatic9736]

Residing in a tourist city makes staycations easy.

[@MalevolentBite]

Watching this while on vacation lol 😆

[@danielwoolman8969]

I have a 800 score with 100 percent on time payment and most my cards have 29 percent interest rates.

[@FloriDUH_JBot]

Pre-2008, that credit would have gotten you a low, fixed single-digit interest rate. Something most would have considered reasonable. Times have certainly changed.

[@doujinflip]

If you pay off your balance every cycle, it doesn't matter what interest rate they charge.

[@NYCGemini2000]

maxing out credit cards, and not having any savings lol. my friend went on vacation and had no savings when he came back. Also they by flights using buy now pay later methods

[@mad2barxhst]

Taking out a mortgage on a home to pay for a vacation trip. There’s gotta be something better than “robbing Peter to pay Paul. Such false economic growth when everything is based on getting into debt and deeper debt.

[@HavocRLJ]

I have friends who prioritize going on vacation and travel. They have no savings what so ever living paycheck to paycheck. I just sit back and watch 👀.

[@shanishine38]

Make sure to look broke so they don't come to you looking to hold a dollar. ​@HavocRLJ

[@MPPG663]

​@@HavocRLJ Sounds like they're having a ball!

[@trevorross1311]

Just do a staycation, and still watch what u spend.

[@marcushennings9513]

Gate off a section of the house and do a Bundy Vacay.

[@JBoy340a]

If money is tight that is the way to go.

[@TStark-vj2wo]

One of our favorite vacations was a staycation. Living in the northeast, we decided to hike the highest peaks in each state (MA, NH, ME, VT, RI & CT). It was a week filled with camping, hotels, road trip and some lasting humor as RI mountain was... a bump a few 100 feet of a road.

[@DR-cu2fl]

Going into debt for vacation is crazy.

[@latrinemarine826]

My wife and I have two kids, a mortgage, car payment, student loans, and making close to $150,000. After the bills are paid, there is nothing left over to save up for vacation. But never in my wildest dreams would I ever take out a loan with interest for a vacation. The mindset of living for today is going to wreck a lot of people’s tomorrow.

[@Sherona1111]

I turned 30 this year and in my 20s I was living the highlife. I don't have a lot of debt just 29,000 in Student Loans. But for the next decade, my goal is to be as frugal as possible In all aspects . Especially no vacations, I can't wait to see you what fruits that bear. So happy for the information age🙌🏾

[@HavocRLJ]

Kudos to you. You get it. Pay off your debts. Spend a little and save a lot. Having long-term and short-term goals will help you for the rest of your life.

[@MPPG663]

​@HavocRLJ Assuming you get to live it. Chronic alignments and terminal illnesses are on the rise amongst younger demographics. Much more than in times past... I don't advocate being irresponsible, but this idea that everyone should hustle, grind, and burn the candle at both ends because "you can enjoy things later in life" is slightly unsettling.

[@1stTnetix]

Momento morí 😊

[@LiamRappaport]

Sounds like a crash diet. Don’t push it too far or you may burn out. You need to still have fun while you’re young, it doesn’t have to be expensive. Find good deals, use air miles, stay with friends that live in cool places. I can do a month long trip for $2k.

[@Danny-cs2hm]

Bottom line… don’t put your vacation on a credit card… don’t take a loan to vacation. Forget what people on social media are doing. Social media is not realistic.

[@dtrain-uwu]

Damn. I won't even take debt to buy taco bell and people are putting on debt for vacations? WTF

[@laqueatabrown9916]

LOL true that

[@tjbellah349]

Take a day trip, go to national park, don’t ruin your finances paying interest on something that isn’t even an asset.

[@jimv77]

We saved up for two years to go to Honolulu Hawaii for for the first time for 8 nights earlier this month. Total cost for family of four was $7,800. Our budget was probably $9-10k. Our tip to Europe in 2022 was ~$13,000. That took us four years to save up for. We did A LOT of driving vacations to National Parks when the kids were younger.

[@rjb]

Did you book your trip to Hawaii through anywhere or do it piece by piece?

[@jimv77]

@@rjb Piece by piece. Southwest airlines. AirB&B. Priceline-Hertz.

[@rjb]

@@jimv77 thanks. We are looking to go through Costco Travel, they have some pretty decent deals. Just need to decide on one and head on out.

[@attattatt]

Wife and i did 10 days in spain for under 5k. We did 10 days in mexico for under 3k. These were nice vacations. It can be done "cheaply".

[@mad2barxhst]

Vacation on debt is becoming the norm in the US. The devil is in that credit card.

[@Lovelyinspo]

🎯

[@KNRS927]

The devil is peer pressure, more than anything. Credit card is just a fuel to that peer pressure.

[@DamianBadalamenti]

The comparison networks made keeping up with Jones more important than retirement.

[@robert8311]

People being stupid is the problem not necessarily the credit card If you smart and do what you can afford to later do what you wouldn’t want to spend later is up to the consumer not the credit card

[@nicholasselke5214]

@robert8311 Dave Ramsey said it best. The credit card is a symptom

[@OnThatNoteWithPenelope]

I don’t know why I like videos that speak about how to manage money but yeah…… I do 😂

[@selfridgesforever4399]

This year will be my first holiday in 3 years becauae I can finally afford it. Taking our debt to go on holiday doesn't make sense to me.

[@darinherrick9224]

I haven't been on a vacation in 7 years because I'm poor and have medical debt. What should I do? Just die without ever going anywhere?

[@selfridgesforever4399]

@@darinherrick9224 if you want to go on vacation using debt then go ahead

[@wannabe41]

I was fortunate that during the height of the pandemic, my finances were stable. I was working from home and saved a lot of money on gas and other expenses related to going into the office. So I put what I saved into a second savings account and one of the things I would use those savings for would be a vacation.

[@Luxetveritas11]

It’s not hard to save $166/month. Forget financing $2,000 at 20%.

[@jon6309]

I live in Hawaii and vacations are something I don’t really spend money on but would love to do it more often. The last time I went on a trip was around 2018-2019. I visited Seattle and Vancouver, Canada. I am a disciplined saver with no debts so I didn’t have to take out a loan for the trip but it did cost me several thousands of dollars in savings for the experience. I really want to visit Japan since the dollar is so strong compared to the yen right now. I notice for my generation (millennials) many have accumulated too much debt. I have no student loans but I don’t have a high paying job and just save. My sister has a better job than me but she spent a lot of time and money pursuing her post graduate education and is now $150,000 in student debt. Even with this in mind she still spends lavishly on vacations and will fly first class to places. I honestly would just fly economy since it’s just the ride to the destination and would rather spend more money on the experience itself!

[@waressecurityconsulting2806]

I went to Disney World as a kid, but as a 34-year-old man I only remember the long bus ride and the fact that we went

[@GG89262]

I sold my kidney to go to Disneyland this summer.

[@dissident112]

The problem is because they want people consuming that they will bail out these reckless spenders rather than worrying about the deflation Boogeyman they are always screaming about they don't reward responsible people in this economy.

[@brockjennings]

It's stressful being at home and pretending to be working. You deserve to splurge and go on vacation!

[@inbracedefeat]

As a product manager at Expedia. I find this video very interesting. I want people to use our business but don’t want them to go into crippling debt to do so. Travel smart! Save while you plan. I hope the economy gets better :(

[@shawyonsharifi3394]

Just wanted to say, Expedia is by the best travel booking app I’ve ever used. I book every single vacation I take on Expedia, flights, hotels and excursions. Literally the best one to use and super easy to book things with. So yeah jsut wanted to say ur company is the best travel agency around.

[@justicewilson7929]

I usually always travel in the off season or shoulder season. Less crowded and cheaper accommodations and flights.

[@jamespn]

If you don’t have the money, stay home, fill a kiddy pool, make a picture of ice tea and read a good book.

[@beachdweller3378]

We dont go on vacation unless its all paid for before we leave. Some vacations we start paying for up to two years out. We also do hustles. Doing a side hustle is better than putting the cost on credit cards.

[@neilmckay8649]

2 week staycation without Internet would create life long memories and bonding

[@Thats-a-fact-jack]

Many are putting them on credit cards and carrying a balance.

[@Lalo-ik4zg]

I'm 29 now and have never been on vacation. My family grew up poor, so that was never a thought when food and housing were the main focus. I have lasting and warm memories with my family that go as simple as a trip to the park. It's mind-boggling to me how people will splurge 2k or 3k on an experience that is easily forgotten.

[@mik7652]

All the vacations I’ve been on so far, I paid out of pocket, I would never finance my vacation using debt

[@wesleykawakami8563]

You don't need to spend a lot of money on an expensive vacation to have lifelong memories. That's just what the travel industry tries to sell you. The best memories my kids have are going to the petting zoo, parks, beach, etc. They hardly remember the trips to Disneyland.

[@TaureanBaby]

And people say that Disneyland is unbearable now. Nothing like the 80s or 90s.

[@wt9653]

I take very simple vacations. I drive to where I want to go. My truck is packed with all the necessities of home living. My solar power system has plenty to light the dark nights. The battery is plenty large to run my refrigerator and cooking appliances. My average 1 week getaway costs me around 150 dollars.

[@bookmarker7471]

Im planning going on a cruise" next year". But how I'm going to do it is by paying monthly fees. I FINALLY FINALLY got some money saved in the bank and it's going to stay there.

[@luckygurl70]

Social media & FOMO is 100% to blame for the insanity of going into debt for the sake of vacation.

[@Nighthawk-8050]

I personally know people who have max out there credits to go on expensive vacations with huge debt. They act like Elon Musk. One particular person I know have been going on vacations for years using credits cards. Now she's almost $400,000.00 in the hole I kid you not.

[@JonesyTheFirst69]

I would cry if I had that much

[@HavocRLJ]

😳 damn. I guess people will never learn.

[@madmanhatter4819]

@@JonesyTheFirst69 😂 True!

[@PG-tc6os]

I can’t believe that CNBC has to come up with a document like this to teach don’t people they can’t afford a vacation trip because these idiots are too broke 😂

[@tmsupreme7763]

Taking on debt might not always be irresponsible, but going into debt for a vacation definetly is.

[@shwanflake]

This segment truly a PRIDE video, 90% of the couples representative of the pride month. The younger generation learned that waiting to have money for a vacation may not happen if it does either the kids are grown up or they are too old to enjoy the vacation. Money you can borrow and earn, but you can not borrow time.

[@quit2quilt525]

This is stupid. Who goes into debt to take your kids to Disney World?? Those kids better wait and teach them to understand finances instead. You just can’t get everything in life at the moment just because you WANT it. Smh.. I’m glad I didn’t raise my children that way. I told them “go sit down some where”, then explained to them why we will save for what we want and HOW we will save for it. My children are young adults and 3 out of the 4 have excellent financial management skills. The lone one-my oldest son- just didn’t want to listen. And now he’s feeling the results of his poor decisions. It’s always that one…

[@HauteHorizon]

With money they don't got

[@icecold8974]

Just like America in general printing money we don’t got. 😂

[@dumpsterbaby3155]

@@icecold8974 🤣 I don't got none neither

[@guanxinated]

Two interesting insights: 1. Just under $2,000 per person is not that bad as it comes to $167 per month. 2. Taking on debt to go on vacation is insane.

[@autumnislovely]

I don't know how one could rationalize going into debt for a vacation. I grew up low income and my parents would save for years just to go on one.

[@TheAlchemistZero1]

Civilization has entered late-stage capitalism. Capitalism is an insatiable hunger, one which is inherently incapable of expressing the concept of "enough" - it's a system that must chronically engorge (without pause). Poverty is the mother of necessity; the comfort of the rich, depends upon an abundant supply of the poor. the Alchemist -Ø1

[@bwofficial1776]

And yet, capitalism is humanity's greatest invention. Capitalism built all of human history. Every other system has failed.

[@doujinflip]

​Capitalism built human productivity, but civilization requires investing and maintaining things that aren't themselves profitable. Left alone, capitalism would M&A and litigate away competition until untouchable monopolies form.

[@Erinmills98]

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are ridiculously high and Mortgage prices has been skyrocketing on a roll.i might just invest the 100k i have than waiting to buy a home

[@BillAdamson-bp9ff]

The stock market will plummet further, so I advise you do critical analysis on companies you are going to buy. Even better, you could have an investment adviser guide you restructure your overall portfolio and offset the bad apples you’re holding, that strategy’s been working for me so far, saves me a whole lot of stress and continuous anxiety and also it’s very time efficient.

[@AndrianWiener]

Very well said, who is this adviser that guides you and how did you find them? I don’t seem to find any locally and I’ve been having a terrible year.

[@BillAdamson-bp9ff]

Kristin Amy Rose is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@RickMckee-nq4ni]

It matters not how much money you save, but how you handle it. Whether you work for a living or invest, it still boils down to revenue vs. expenses, so sure, you may look into financial consultants for a strategy that suits you

[@AndrianWiener]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@mocheen4837]

Watching this while on vacation in Paris.

[@skyak4493]

What a proposition: tourist for a week=chump for 6 years paying it off @21% interest!

[@Varo_95]

If I can’t afford a home might as well take a vacation around the world

[@drpandya]

Traveller here. I even traveled during COVId in 2020/2021/2022 for almost month each year. You cannot put price on memories or experiences in time while you can enjoy and you are capable physically. Old patients I spoke to, never regret their vacations or experience than material things. For people who are too thrifty or bashing people for going on vacation and not being able to afford it, there are ways to travel cheap. Traveling doesn’t mean business class flying or flying, staying in 5 star hotels/resorts or going to exotic destinations. It doesn’t have to be staycation either. You can take a bus or drive to few hours stay in budget but clean hotels. Stay in small towns/highly competitive areas. Don’t travel on peak season or days.

[@MPPG663]

Exactly! It's those same people who are become narrow-minded because they've never seen how their fellow human lives outside of their city, state, or country.

[@Jon0387]

For the last two summers, rather than vacations I took that money and went to Home Depot and Lowe’s and have been renovating my backyard. The nice thing is, it last longer than the two weeks of vacation.

[@imagrownassman1]

Renovating how? Because it's just your backyard in the long run and that's not experiencing much in the end

[@markmilitant]

I disagree Millennials and Gen Z want to show off on Instagram social media how they went on vacation living lavish instead of saving they don’t care.

[@Needglory23]

I try not to spend money.

[@DrBeauHightower]

Even if you can afford vacation, that is money you could have invested

[@shawyonsharifi3394]

But tbf a vacation is very important. Breaks from ur daily life and exploring new places and cultures meeting new people and making memories is an essential part of one’s life. So if u can comfortably afford it I highly recommend taking one.

[@laughingvampire7555]

In Mexico we use loans to pay for vacations, but we don't use the credit cards, travel agencies offer credit with monthly payments without interest

[@morgangrant5180]

Right after college I had a bunch of expected and unexpected costs. Spent all my money before I started my first job and went into $4000 in credit card debt. It took me a year to pay it off. Not a good feeling having less than no money! Never again..

[@Ralbuug]

They didn’t use literally one straight couple for the entire video…

[@kendavis8647]

I didn't finish the video.

[@oceanicboats]

I’m glad I’m not the only one that saw that.

[@shanishine38]

​@kendavis8647 neither did he. 2:55

[@Navarro94]

I know, right?