Perspective: If you’re in debt, you don’t deserve a vacation
Take your time off. Relax. But you don’t have to go away. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist April 25 at 8:00 AM Nothing makes me crazier than when people deep in debt try to persuade me that they are being financially responsible because they “saved up” for their vacation.
Twenty-three percent of credit card debtors have been carrying the debt for at least three years, according to a survey by Creditcards.com. Another 14 percent have had the debt for at least five years, and 7 percent can’t even recall how long they’ve carried a credit card balance.I’m not saying you shouldn’t enjoy your vacation time. Take your time off. Relax. But you don’t have to go away.
“While a vacation is worth it, getting into debt isn’t. That just adds to the stress and takes away from the enjoyment of your vacation,” says travel expert Christopher Elliott, who writes the Navigator column for The Washington Post. — Do not tell people you are staying home. Act as though you’re gone by not filling your days with obligations with friends and family — unless they are part of your vacation-at-home plans.
Definitely don’t go into debt for a trip. Or, take what you have saved for your vacation and use it to chip away at your debt, build an emergency fund or invest for your retirement. You deserve some rest and relaxation. But don’t sacrifice long-term financial security for a vacation you can’t afford.Your friends’ social media posts are making you spend more money, researchers sayTell me about your best staycation? Send your comments to [email protected].
As one reader pointed out, “Many local gas stations here in Atlanta offer a 10-cent per gallon discount for cash or debit payments versus credit card.”
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