How Much Will Your Vacation Really Cost?

ORLANDO, Fla., May 7, 2001 ---- According to the InCharge® Institute of America, Inc., the average American family of four will spend $1491 dollars during this year's one-week vacation. But that dollar amount will increase significantly, more than tripling, for consumers who use their credit cards to pay for their summer fun. InCharge® Institute, the nation's largest non-profit credit counseling organization, is urging Americans to rethink their spending habits before they head out of town.

The Orlando-based organization provides credit counseling and debt management services to more than 250,000 consumers each year. And although InCharge® Institute of America, Inc. strives to educate Americans on personal financial management throughout the entire year, staying within a budget takes on a particular importance at this time of the year.

According to Tim Raftis, Vice President of Customer Outreach at InCharge® Institute, "Many people think they can charge their summer fun, then pay off their vacation debt quickly and easily, but that is often not the truth. Even with a relatively low 13.9 percent interest rate, making minimum payments on the credit card, it will take over 28 years and $5400 to pay off that one vacation. In today's economy, who can really afford to waste $3900 in interest fees?" Raftis went on to say, "Many people are not aware of the long-term repercussions of the overuse of credit. One of InCharge Institute's goals as we near the vacation season is to forewarn people of the negative financial consequences produced by a careless attitude towards growing indebtedness."

Most Americans are understandably reluctant to give up their week or two of vacation fun. Still, summer fun shouldn't equal fall debt. To that end, InCharge® Institute of America, Inc. has compiled a list of tips for consumers who want less expensive, more creative ways to enjoy their vacations, without reaching for their credit cards.

The InCharge® Institute of America is a non-profit 501(c)(3) corporation with headquarters in Orlando, Florida. Consumers can confidentially contact a professional InCharge Institute Credit Counselor by calling 1-877-438-6886 or visiting us online at www.incharge.org..

Vacation Spending Tips: Have Fun without Overspending

As we approach the summer months, many people will be dipping into savings and pulling out credit cards to fund their vacation fun. Before you give into the temptation to overspend, read these simple, practical ways in which you can cut your summer expenses and still have plenty of fun on vacation.

Before you head out of town, contact the local Chamber of Commerce or Visitors Bureau for the city you will be visiting. They can suggest many pleasurable yet inexpensive activities. You can also request city travel guides, which often contain many valuable coupons.

Call your credit card company to see what vacation benefits they offer. They may have great deals for you on rental cars, hotels, and even airfare.

If airline travel is unavoidable, consider flying into a smaller, lesser-known airport. It is often less expensive than flying into the city's main airport.

Photos make great memories, but buy your film before you go on vacation to avoid the higher prices in tourist areas.Soak up some culture. Visiting museums and zoos is a fun and inexpensive (often free) way to spend the day. Other freebies include city parks and biking or hiking trails.

If you plan to visit several attractions, check the prices for multi-day and multi-park passes. You can often find a great deal.

Many attractions offer half-day passes at a much lower price. This is ideal if you want to visit several places and still stay within your budget.

Plan ahead. If you are going to spend the day sightseeing, pack some snacks. This will be much less expensive than buying overpriced goodies at convenience stores or in theme parks.

Sleep outdoors. Camping in a national or state park is an affordable alternative to staying in a motel room. If fear of snakes or inclement weather keeps you from camping, consider a motel room with a kitchenette. Although slightly more expensive than a regular room, a kitchenette will allow you to prepare your own meals and cut down on costly restaurant expenses.

It's great to have souvenirs, but don't let them ruin your budget. Set a reasonable "souvenir budget" per person or per child before leaving the house, and stick to it.

Headquartered in Orlando, Florida, InCharge^® Institute of America, Inc. is a national non-profit organization specializing in personal finance education and credit counseling. The InCharge Institute family includes InCharge^® Education Foundation, which publishes YOUNG MONEY^® magazine and Military Money^™ magazine and offers basic financial management education to clients and the general public, and InCharge^® Debt Solutions, which provides professional credit counseling and financial education services. InCharge is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA).