How Many Holiday on Credit?

Jambi

Hi Everyone,

I am new to posting on these forums although I have been a visitor on many occasions.

I am interested to see how many people holiday on credit?
I know this may seem odd but I am hoping to go on holiday to Florida in 2016 but I am wanting to clear some of my debt before I go back and it might only be possible if I credit card the flights. (on a 0% interest only card)

I will be posting my debt balances to my signature once I figure out how too. I am sure having the figures there makes it motivating to see the amount decrease

Pixie5740

I save for my holidays. The last one I did purchase using a 0% credit card but only because I had the money sitting in a savings account already. I've used credit cards that I get cash back on to purchase holidays on before as well but only because I was in the position to repay in full when the statement came in.

moohound

I used to in the bad old days that ended with me having £39000 of debt and a DMP, and I used to tell my husband I had saved up when there was no way I could save up because I was drowning in debt.

But not any more, for me, don't have the money = don't go, the destination will still be there when I have saved up.

We went to Florida this year and including spending money it was probably £8500-£9000 ( I know how much I spent but I'm not sure how much OH spent) but not one penny of it was borrowed, I don't think I could enjoy Christmas knowing I was still paying for my holiday.

Getting flights on a CC could be viewed as sensible for the protection offered, but only if you have the money to pay it immediately.

The OP says they are hoping to clear some of their debt before they go, I think it would only be remotely sensible if the cost of the flights was their only debt.

Pepperoni

Don't do it! Unless you can repay in full once the statement comes in.

Its a deadly trap in my opinion - you'll be paying it off for years to come and it will impact what else you can spend money on. Save then go!

Thrugelmir

moohound wrote: »

don't have the money = don't go, the destination will still be there when I have saved up.

Second this.

Having savings also results in more frequent holidays.

Jambi

Thank you all for being so honest.

This comment "The OP says they are hoping to clear some of their debt before they go, I think it would only be remotely sensible if the cost of the flights was their only debt." makes so much sense. I guess I am just wanting to give my family something to look forward to that I am willing to get into more debt just to do it.

Again thank you

Giraffeseeker

Jambi - I have £18K of a £43k DMP left. Among the 43k was a number of credit card holidays. Don't do it. I am paying off 10 year old holidays!

I have had holidays while paying off debt as my kids are getting older and they will be gone to Uni by the time the debt is gone. However, I take on additional work for this - exam marking and moderating. It is hard work and my kids all help out while I am doing it - meals, housework etc, so it feels like a family effort and we all appreciate the holiday that bit more because we've all contributed. My DMP payments have never suffered due to a holiday. I am talking £1-£2k for the 3 of us, so not Florida!

theoretica

Jambi wrote: »

I guess I am just wanting to give my family something to look forward to that I am willing to get into more debt just to do it.

Think also about what example you are setting your kids. How do you want them to learn to manage their money?

I am sure you can think of something much cheaper they will look forward to!

enthusiasticsaver

I would not use a credit card to pay for a holiday unless I was in a position to pay it off immediately or over a short term using a 0% credit card deal as long as I did not have any other debts. It is not worth going into debt just for a holiday. Save up instead.

katejo

I use the card to pay for the holiday because of the consumer protection should the airline go bust (or similar). However I would never pay for a holiday by credit card because I didn't have the money to pay it off. Imagine a trip which turns out to be disappointing because you are ill for most of it and then you have to spend the next few months paying it off.

supersaver1000

Had credit card holidays for a while now - our last two Credit card holidays were about £7,500 each! Which I can't understand now, it was just the habit we got into.

Had a LBM about three years ago and actually saved up for a holiday. I enjoyed it so much more not worrying about how we were going to pay for it when we went got home. We did the same the following year, then decided to have a year not going away at all - few groans from OH, but we survived and will do the same this year too. Maybe when we're debt free we can have a totally guilt free holiday - what a novelty.

I guess I possibly would use a 0% card for a holiday if I was sure to be able to pay it all off before I went and have sufficient spends to take. But like the others have said, it could be the start of a slippery slope.