article
Summer is creeping up, and it means a much-needed getaway for many to a fun destination.
But with the costs of travel skyrocketing due to inflation, it’s putting a dent in some people’s plans based on a recent survey.
WalletHub, a personal finance website, conducted a summer travel credit card survey and learned that 3 in 5 Americans say inflation influences their travel plans for a summer vacation, with 55% of respondents saying they plan to spend less money this summer than last year.
But not all consumers are deterred from traveling because of finances. About 1 in 4 people believe it’s worth going into debt for a quality vacation, while 1 in 5 said they would take a vacation and skip paying their credit card bill.
RELATED: Summer travel season will be ‘one for the record books,’ AAA says
In the survey, WalletHub provided a breakdown of how Americans spend their credit card rewards with 38% of consumers saying they plan to use their credit card rewards to pay for a vacation this year.
Approximately 29% of consumers use their rewards for rental car insurance, followed by 19% using it for price protection, 18% for travel accident insurance, and 18% using it on trip delay and cancellation insurance.
And it’s no secret that when planning a vacation, most of us budget and delay gratification to have money available for a trip.
RELATED: Summer travel: FAA activates more direct routes to cut down on delays
According to the survey, 38% of consumers said they would stop eating out for a year to earn a free vacation.
Consumer prices in the United States rose again in April, and measures of underlying inflation stayed high, a sign that further declines in inflation are likely to be slow and bumpy.
A government report on May 10 on consumer prices in April showed that inflation fell to 4.9%, the lowest year-over-year level in two years, the Associated Press reported.
RELATED: FAA expects summer travel delays in Northeast due to increased traffic, staffing shortages
Even with price pressures rising in April, the latest data from the Bureau of Labor and Statistics did provide some evidence of cooling inflation. Grocery prices fell for a second straight month, and the cost of services, including airline fares and hotel rooms, plunged.
The Associated Press contributed to this report. This story was reported from Washington, D.C.
3 in 5 Americans say inflation is affecting their summer travel plans, survey shows
- Advertisment - 
Recent Comments
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer