Question of the Day: How do you pay for your vacation?
A new study by financial planning company Learnvest shows nearly three quarters of Americans go into debt on vacation.
The average amount of debt: $1,100.
One reason is that people forget to budget for a vacation when making financial plans for the year, the study states.
So when vacation time comes, there’s not enough cash, USA Today reports.
That’s when the credit card comes out and the debt build up.
It’s a trend that could change in the future because 1/3 of American surveyed are now saying that saving for a vacation is a bigger priority than saving for a home or retirement.