A new survey from Experian suggests the majority of summer travelers—an astounding 68 percent—end up spending more money than expected during vacation, with many relying heavily on credit cards.
According to Experian’s findings, 72 percent of Millennials acknowledged spending more than expected when traveling, and another one-third of responders in the demographic reported they did not save money ahead of their vacation.
Setting enough money aside for a trip can be tough, and leaning on credit even when you don’t have money saved is an all-too-common occurrence. The Experian survey found that 49 percent of travelers—52 percent of millennials—have accumulated credit card debt while on vacation, and 46 percent—50 percent of millennials—have paid for a vacation on a credit card when they didn’t have enough money in savings.
Tight budgets forced another 37 percent of people looking to travel to cancel vacation plans due to money issues, but 75 percent said they believe staycations can be a cheap alternative to a high-priced vacation. Another trend spotted in the survey is how travelers tend to use credit cards over debit cards and cash.