Credit-card debt doesn't deter Americans from traveling or dining out
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Seven of every 10 adults who have credit-card debt say they would be unwilling to reduce leisure travel expenses by 50%, according to 2,482 adults"Many people love to travel, and, like a lot of discretionary expenses, they tend to view it as a necessity rather than something extra," says Ted Rossman, an industry analyst for CreditCards.com whichVisitors relax under beach umbrellas at Florida's Caladesi Island State Park.
"I don’t want to deprive you of a good time, but I want to note that credit-card debt is really expensive, and, if you’re in debt, you may need to make some sacrifices," he says."The average credit card charges a record-high 17.76% interest rate, and the federal government says the average household with credit-card debt owes $5,700. If you’re in that situation, and you only make minimum payments, you’ll be in debt for 19 1/2 years, and you’ll pay $7,482 in interest.
"I think travel has more of a YOLO factor than dining," Rossman says."People aren’t sure when they’ll have another chance to visit an exotic, far-off destination, whereas local restaurants are seen as something that will always be there.""Even though dining is viewed as the most expendable discretionary expense, we still found that fewer than half of debtors and non-debtors are willing to cut back significantly," Rossman says.
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