Americans to spend less on summer vacations

Travelers across the U. S. taking a vacation this summer may be paying a similar amount as they did in 2004. According to the annual Summer Vacation Survey conducted by Myvesta, a nonprofit consumer education organization, the average American plans to spend $2,249 on their summer vacation this year, a small decrease from $2,252 in 2004.

“While consumer confidence has risen over the past year, that confidence hasn’t translated into a vastly different financial situation for the average American,” said Steve Rhode, president of Myvesta. “Concerns about the future economy and stagnant wage increases have kept those who are taking vacations this year from spending more on their summer trips,” Rhode said.

According to the Myvesta survey, of those taking a vacation, 75.1 percent plan to pay for all, or part, of their trip with a credit card; 30.3 percent of those paying with plastic plan to take three or more months to pay off the balance.

“Using a credit card is a great way to travel safe and keep track of your expenses, just make sure you’re not using borrowed money to finance a vacation you truly can’t afford,” said Rhode. “The best way to stay out of vacation debt is to plan ahead, research your trip, and save in advance for your expenses.”

People in the Midwest plan to spend the most on their summer getaways in 2005 with an average of $2,510. Northeast residents plan to spend $2,282.

Those in the West plan to spend $2,141 and people in the South plan to spend $2,139.

For tips on saving money during your next summer vacation, read the Myvesta publication “How to Come Back From Vacation With Money in Your Pocket.” It can be downloaded for free from Myvesta.org online.

The Myvesta Summer Vacation Survey was conducted June 3 to 5 in a random telephone survey of 1,000 adult Americans.