Dear MEL Topic Readers,
‘I don’t have a budget’: Why people are going into debt to travel
Traveling is booming around the world despite the higher airfare, fuel
costs, and accommodations. Is vacationing a luxury or a priority? For some
people, traveling during vacation is at the top of their wish list. This trend
seems to have spiked especially after the pandemic when people had no choice but
to stay home. Also, there are so many attractive places and things that people can
see on social networks and videos. In the past, most people saved money for vacations,
but nowadays, young people in particular go on traveling by adding debts to
their credit cards. There are so many convenient options to add debts to your
balance sheet, a mortgage to get a house, an auto loan to buy a car, and credit
cards or buy-now-pay-later services to travel, spend, and have fun. Borrowing seems
easier than saving for young people. However, there is no magical way to pay off
the accumulated debts.
Read the article and learn about how young people prioritize traveling
nowadays.
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