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Americans to spend $135 billion on credit for their holiday

Americans to spend $135 billion on credit for their holiday

Americans are willing to rack up $135 billion worth of debt on credit cards to go on holiday.

A study by NerdWallet has revealed that people will gladly put an average of $1,456 on their credit card for travel related expenses, adding up to the whopping amount across the country.

Credit cards are becoming the preferred way to make big spends for their holiday, with 49 per cent using it for their flights and hotels and 75 per cent definitely putting some, if not all, the costs on the plastic.

It comes after a previous study revealed that three quarters of British people have taken steps to avoid being "ripped off" on holiday and 77 per cent of families will be taking cost-cutting measures on their next holiday to save money too.

Andrew Brown, Post Office head of travel money, said: "Our research suggests most holidaymakers have learned from experience and are now taking more active steps to avoid busting their budgets by hundreds of pounds on trips abroad. The money saving measures that many of them are adopting will help to slash the high levels of overspending on food, drink, transport and sightseeing."

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