COSTA MESA, Calif.,
June 17, 2015 /PRNewswire/
-- The majority of vacationers spend more money than expected
when traveling (68 percent), often relying on credit cards to make
up the difference, according to a new survey commissioned by
Experian. Millennials rank even higher when it comes to risky
vacation spending — one-third report they have not been saving up
in advance of vacation, 72 percent say they spend more than
expected when traveling, and 52 percent are strapped with credit
card debt once the holiday ends.
"People want to come home from vacation with happy memories, not
with unanticipated and unmanageable credit card bills," said
Guy Abramo, president, Experian
Consumer Services. "Racking up excessive credit card debt without a
plan to pay it off can put people, especially millennials, in a
bind that could affect their financial health and credit status for
years to come."
Survey results show travelers use credit cards over debit
cards:
- Lodging: 68 percent use credit compared to debit cards and
cash, 19 percent and 11 percent respectively
- Airfare: 67 percent use credit compared to debit cards and
cash, 19 percent and 11 percent respectively
- Entertainment: 47 percent use credit compared to debit cards
and cash, 21 percent and 30 percent respectively
- Dining: 40 percent use credit compared to debit cards and cash,
23 percent and 36 percent respectively
Budgets and vacations are sometimes conflicting, especially
among millennials:
- Forty-nine percent have accumulated credit card debt while
traveling (52 percent of millennials)
- Forty-six percent have paid for a vacation by credit card when
they didn't have enough saved (50 percent of millennials)
- Thirty-seven percent have cancelled vacation plans due to
budget issues (44 percent of millennials)
- Thirty-three percent of travelers plan to use their tax refund
to pay for 2015 summer travel (50 percent of millennials)
- Seventy-five percent say staycations are a good way to minimize
spending during time off
About the survey
The online survey was commissioned by Experian Consumer
Services, produced by research firm Edelman Berland and conducted
as an online survey of 1,000 adults ages 18 and older residing in
the United States from
May 5, 2015, through May 11, 2015. The margin of error is plus or
minus 3.1 percent. To learn more about the survey, please visit
http://www.experian.com/blogs/ask-experian/2015/06/16/setting-a-budget-for-summer-travel-survey-results.
About Experian Consumer Services
The Experian Consumer Services division provides credit
monitoring and other informational products, such as identity
protection, to millions of consumers via the Internet. The
organization enables consumers to monitor their credit reports
online, check their FICO® Scores and protect against
identity theft. Its products include Experian Credit
TrackerSM and ProtectMyID®.
Experian Consumer Services has established integrated, cobranded
relationships with leading online financial destinations that
provide consumers with a broad range of comprehensive online
financial products and information essential to managing one's
financial life. For more information, visit
http://www.experian.com.
This press release is provided for general guidance and
information. It is not intended as, nor should it be construed to
be legal, financial or other professional advice. Please consult
with your attorney or financial adviser to discuss any legal issues
or financial issues involved with credit decisions.
About Experian
We are the leading global information services company,
providing data and analytical tools to our clients around the
world. We help businesses to manage credit risk, prevent fraud,
target marketing offers and automate decision making. We also help
people to check their credit report and credit score, and protect
against identity theft. In 2014, we were named by
Forbes magazine as one of the "World's Most Innovative
Companies."
We employ approximately 17,000 people in 39 countries and our
corporate headquarters are in Dublin,
Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and
is a constituent of the FTSE 100 index. Total revenue for the year
ended March 31, 2015, was
US$4.8 billion.
To find out more about our company, please visit
http://www.experianplc.com or watch our documentary, "Inside
Experian."
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian Information Solutions, Inc. Other
product and company names mentioned herein are the property of
their respective owners.
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SOURCE Experian