In the end, an expensive trip can cause more stress than it cures – particularly if it racks up consumer debt, which is why budgeting for vacation is so essential.
Boston, MA (PRWEB) July 19, 2016
According to a recent survey by American Consumer Credit Counseling, among the respondents planning a summer vacation, more than 50 percent said they plan to vacation within the U.S., while only 14 percent said they will travel abroad this summer.
Of the respondents who plan to travel within the United States, 59 percent said they will use cars as their primary mode of transportation, while 25 percent said they will fly to and from their destinations. When it comes to accommodations, nearly 40 percent of respondents planned to find a hotel or to stay with friends and family. Only 11 percent have considered options such as Airbnb or home rentals.
“While it’s good that Americans are taking much-needed vacations, it’s important to recognize that these trips can set you back financially if not carefully planned,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “In the end, an expensive trip can cause more stress than it cures – particularly if it racks up consumer debt, which is why budgeting for vacation is so essential.”
More than 47 percent of consumers polled by ACCC said they are planning a summer vacation, while 40 percent said no, and 12 percent were uncertain. According to the survey, 75 percent of respondents who plan on taking a summer vacation have set aside a budget for it. Almost all (90 percent) of respondents plan to pay for their trip with cash or cash and credit, while 9.5 percent plan to use only credit cards to pay for their trip.
Fifty percent of respondents have a household income of $60,000 or more and 47 percent polled are from the Northeast.
Similar to the findings by American Consumer Credit Counseling, American Express found that 72 percent of consumers will vacation in the U.S. this summer, and only 15 percent plan to travel abroad.
The online poll of 178 participants was conducted by American Consumer Credit Counseling on the organization’s website, http://www.consumercredit.com. You can view an infographic illustrating the poll results here: http://www.consumercredit.com/financial-education/infographics.aspx
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at http://www.ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling ( ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more information visit http://debthelp.consumercredit.com/.