Survey: Increased costs impacting holiday travel
WalletHub: 23 percent of people are carrying debt from last year’s winter travels.
(InvestigateTV) — As families prepare to hit the roads and take to the skies this holiday season, many are weighing the cost of whether they can afford to go.
“So, this year, a lot of people are concerned about high costs with winter travel, as with everything else,” explained John Kiernan, managing editor of WalletHub.
After surveying travelers nationwide, Kiernan found those cost pressures are showing up in the data.
About 25 percent of Americans expect to spend more on winter travel than last year, and 54 percent say inflation will affect their plans.
He said people are still going to travel but will have to deal with the higher costs.
“A lot of people are probably going to keep the same itineraries but spent a lot more due to inflation and … if our recent stats are any indication, they’re going to find themselves paying interest on debt from their holiday travel next year,” Kiernan observed. “So, it’s going to kind of haunt them for a little while.”
For travelers still trying to cut costs, he said start with any existing credit card rewards. Or, for those with good credit, consider a new card with incentives.
“Using those rewards is definitely good because if you have points or miles, sometimes they can expire or get devalued and so it’s good to use them early anyway,” he said.
For those whose credit score needs some work, Kiernan recommended comparison shopping for airfare and creating a realistic holiday budget that accounts for travel, gifts, food and other expenses.
He also suggested planning early for next year to help reduce stress since early planning gives travelers more options and opportunities to save money.
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