Travel

Americans are going into debt to travel. We all love a good holiday, but it seems that after spending a couple of years locked into one place because of the pandemic, people have decided that traveling is a luxury they are willing to go into debt to experience. Specially among young adults, traveling and having new experiences is higher on their list of priorities than getting into more debt for a higher education or saving for what they feel is an unattainable goal like buying a house. Home prices have skyrocketed, higher education costs continue to rise and the economy has been volatile to say the least. With the ability to put travel on credit cards, or use Buy Now, Pay Later programs, people are racking up debt and going places. 

As we see delinquency rates rising and credit card debt reaching new heights, you should think that the travel industry would be in crisis, but it seems that getting that selfie in front of the Eiffel Tower or at an exotic location is priceless.

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