The need to take the family out to enjoy the summer may make it tempting to borrow for that “perfect” vacation. However, this is a very poor financial decision.
Rather than borrowing for this summer’s vacation, keep it simple and start saving the would-be payments for next year’s vacation. You will actually end up with more money for next summer’s vacation, and all future vacations, then you would have if you borrowed for every trip and paid the additional interest fees.
Most of us have to plan quite a while in advance to take a trip lasting a week or more. Take this time to put away a little money each week or month so that when the time comes you can pay cash instead of financing your whole trip.
It can take a lot longer than you think to pay off even a few thousand dollars you borrowed so you could take a week’s vacation.