Most Americans take on debt for vacations

Posted at 9:08 AM, Jun 22, 2017
and last updated 2017-06-22 09:08:20-04

Summer vacation provides families with a much needed break from the day-to-day, but many Americans are taking on debt for their getaways.

According to a survey by financial planning company LearnVest, 74 percent of Americans have taken on debt to go on vacation.

The study surveyed 1,000 adults. It showed that, on average,  Americans take on about $1,100 in debt for each vacation.

Around 55 percent of Americans forget to plan ahead for vacations when setting their budget for the year, according to the survey. It also shows that one-third of Americans would rather save money for a vacation then for a house or retirement.

Financial experts suggest setting aside money for a planned vacation each month to avoid extra debt.