Sense & Centsibility Blog

Should You Go on Vacation if You Are in Debt?

Everyone needs a break from the monotony of real life.

Work, school, family, chores, bills, debt, errands... it all adds up and can feel like a huge weight is on your shoulders. So you might think (as I have MANY times), "I need a vacation."

But should you go on vacation if you have credit card or other personal loan debts?

There's not always an easy answer, but I'm going to break down the possible pros and cons so that you can make an informed decision.

Sunset over Ipanema beachThe Pros:

  • A slightly extended break from the real world
  • Relaxation and time to de-stress 
  • Fun Quality time with family/friends or yourself
  • Relief from cold weather
  • Seeing something new and exciting
  • Checking something off your bucket list

The Cons:

  • No headway being made on your debts
  • Accruing more debt to pay for the trip
  • More stress from adding to debt load
  • Having to catch up on tasks when you get back

These lists aren't all inclusive and may change from person to person. As you can see, the 'Pros' list has more items, but the potential 'Cons' carry much more weight. If the whole point is to get away from stress it kind of defeats the purpose if you return from your vacation into a worse spot financially and mentally.

So should you go on vacation if you have debt? That's up to you, but I suggest that you only go if you're able to save enough money for your trip without adding on debt

If you can't quite afford that dream vacation, plan a smaller-scale road trip or stay-cation. It doesn't have to cost an arm and a leg to get away for a couple days.

Or, treat yourself to a massage or other spa treatment... or whatever relaxes you. Just make sure it doesn't bust your budget.

If you are trying to get rid of your credit card debt, but it seems like it's taking forever a Debt Management Plan may be the answer. With on-time payments, you'd be credit card debt-free in five years or less. 

Call LSS at 888.577.2227 for your free session or get started online right now to see if a DMP is a good fit for you. We can help you conquer your debt for good

Author Elaina Johannessen is a Program Director with LSS Financial Counseling.