20% of Americans are Thinking of Traveling in 2024 with Borrowed Money

The borrowing vibe in Asia is quite different from the scene in the United States. Over there, folks usually borrow cash for basic stuff, but here in the good ol’ US of A, some folks are actually thinking of borrowing for their next vacay.

It’s kind of weird, right? Seeing folks borrowing just to travel. Usually, we’d raise an eyebrow if we had relatives who are always asking for loans but also always seem to be jet-setting. But hey, that’s just not the case in Uncle Sam’s land. Apparently, about 20% of folks here are planning to hit the road with borrowed dough.

According to Thrillist, in a report from Saturday (30/3/2024), even your average Joe working hard to make ends meet is finding it tough to keep a decent balance in their savings account. But you know what? Despite the financial squeeze, hitting the road is still a big deal.

This info is coming from the annual summer travel survey by NerdWallet, done by The Harris Poll. They’re saying that about 45% of us Americans, or roughly 118 million people, are looking to get out there this summer, involving hotels or flights.

And get this, it’s gonna lead to a whopping $424 billion being dropped this summer.

So, they did this survey on 2,000 Americans aged 18 and up, between January 30th and February 1st. Turns out, 20% of these folks are thinking of using credit cards to at least partially finance their travel plans. Some aren’t even planning on paying it all off in the first billing cycle.

Overall, 83% are thinking of using their plastic to fund part of their trip.

But with prices and costs going up, about 91% of those surveyed said they’re changing their plans to save some cash on their travels. Some are thinking of hitting the road instead of taking to the skies. Yup, about 43% of these folks are all about the road trips over flying.

Others are thinking smart, choosing accommodations based on what’s cheaper rather than what’s fancier. Flights? Well, they’re going for what’s easier on the wallet rather than what’s comfier. And hey, using credit cards or miles to cover costs? That’s a top way to save.

“Millions of Americans are getting out there this summer, and a bunch are choosing to hit the road to their summer spot, which might be a better deal than hopping on a plane,” says NerdWallet travel whiz, Sally French.

“But hey, with the cost of travel going up because of inflation, some folks are still feeling the pinch,” she adds.

On the flip side, about 22% of folks are thinking of skipping the big trips and just chilling at home. They’re saying it’s all because of the lingering effects of inflation. Even though things seemed to have chilled since that big inflation peak back in 2022, the rising cost of living is still putting a squeeze on the wallets of lots of wannabe travelers.

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