—61% of people who live in a city are planning a summer vacation

—50% of those who live in a suburb

—48% of those who live in a town

—44% of those who live in a rural area

Nearly three in 10 (28%) U.S. adults are skipping a summer vacation due to affordability

The top explanation among those who are not planning summer vacations, by a wide margin, is that they can’t afford it (65%).

Even though inflation seems to be cooling off, the Fed still hasn’t lowered rates. Thus, credit card rates are still high, and Americans continue to feel the pain of higher prices on everyday spending.

A new credit card might help you fight inflation. But many Americans appear to be feeling wary of whether they can afford luxuries like a summer trip.

Among those not planning summer vacations, Gen Xers were most likely to say they can’t afford it (67%), followed by millennials (62%), boomers (61%) and Gen Zers (53%).

In 2023, 58% of Americans also said they couldn’t afford it. Other reasons for not planning a summer vacation include:

—24% are not interested in taking any vacations currently (versus 23% in 2023)

—13% said their health or age (versus 15% in 2023)

—11% said it’s too much of a hassle

—10% can’t take time off work (versus 11% in 2023)

—10% said too many family obligations (versus 13% in 2023)

—4% are planning a vacation for another time (versus 11% in 2023)

—1% said their desired destination is too crowded (versus 23% in 2023)

—9% said it was another reason (versus 7% in 2023)

Rossman advises “taking advantage of any credit card rewards, airline miles and hotel points you’ve socked away.”

“Maybe even sign up for a new credit card with a generous sign-up bonus that you can put toward your getaway,” he says. “Finally, if going somewhere isn’t feasible this year, at least take some time off to relax and recharge close to home.”

3 types of debt that can be less expensive than credit card debt

If you’re planning to take on debt to pay for a summer vacation, putting it on your credit card might be an expensive decision. That’s because credit card interest rates are high — currently averaging almost 21%. For every day that you carry a balance, you’ll pay interest on those vacation expenses (and you’ll also pay interest on your interest).

A word of caution that it’s not the best idea to spend beyond your means for a vacation. You could avoid going into debt for a big trip by doing things like saving, travel hacking with credit card rewards and looking for deals.

If you still want to borrow money, here are three forms of debt that might be less costly than credit card debt:

—Personal loan. The best personal loans can come with lower interest rates than credit cards. If you need a large chunk of change to pay for travel expenses up front, you could apply for a personal loan. Having good credit may increase your chances of being approved and getting a lower rate. Just keep in mind that you’ll still be paying interest as you make payments over time.

—Buy now, pay later (BNPL) service. You could use a BNPL app like Affirm, Afterpay, PayPal in 4, Perpay or Sezzle to make interest-free payments over time on large purchases like flights or hotel stays. You’d be joining the 8% of survey respondents planning to use a BPNL service to pay for summer travel.

—Zero-percent intro APR credit card

Applying for a 0% APR credit card could buy you time to make purchases that you pay off later, interest free. Just consider whether you can pay off the balance by the time the introductory period ends — usually within 12 to 21 months. After that, the card’s regular APR will kick in and you’ll start racking up interest. Also remember that applying for a new credit card can temporarily ding your credit.

Methodology

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2360 adults, of whom 1,262 are planning a summer vacation and 1,098 are not. Fieldwork was undertaken between March 19 through 20, 2024. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).

©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.