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Credit card debt often follows travelers back home

Family trips and personal vacations can be good ways for individuals to refocus after dealing with the stresses of life and work. Whether a Garnerville resident travels to a nearby retreat or a distant land, he generally has to incur some expense in order to make his dream vacation into a reality. While some people tend to save up for their trips, others fail to plan and finance their escapes with credit cards.

According to a survey of Americans, nearly half of all people have used credit cards to pay for vacations when their savings were insufficient to cover their costs. Younger people are more likely to do so, though with mounting airfares and the cost of gas, getting anywhere for cheap can be a challenge. The related study noted that transportation and lodging costs covered the majority of the travelers' debts, though activities and food also contributed to post-vacation credit card debt.

While vacation debt may look small in size when compared to debts like mortgages, student loans and medical bills, they can still add up to big financial headaches for those who incur them. A consumer may find that he cannot get ahead of his vacation debts and that he can only make the minimum payments toward them. Those debts may swell over time and leave the consumer with a bigger financial challenge than he intended to take on.

Vacation debts can also put pressure on a person's ability to pay off more pressing loans and obligations. Coupled with harassment from creditors, a consumer may not know what to do when credit card and other debts begin to run his life. Though bankruptcy is a major legal process that not all people can pursue, it can be a viable option for people who need help breaking free of their financial obligations. Attorneys who work in the bankruptcy field can speak with their clients about options under the bankruptcy laws.

A vacation is supposed to relax a traveler and return him home feeling refreshed. Unfortunately, some travelers return home with worries about how they will pay for their adventures. Credit card debt can become a problem for people who are not prepared to manage the costs of their vacation-related expenses.

Source: USA TODAY, "Vacations tend to come with baggage: Credit card debt," Anita Balakrishnan, June 29, 2015

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