Survey shows 74 percent of people go into debt to take a vacation

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HOUSTON-- Deep in the heart of summer, as all your worries and work stress melt away on vacation, apparently, so does your money.

A new survey by financial planning firm, Lernvest, reveals that 74 percent of people go into debt just for a little R&R.

The problem is, more than half of those travelers said that they do not budget ahead of time.

However, most people Newsfix spoke to say they don't fall into that irresponsible category.

"Back in the day when we had kids at home probably a little bit, but not right now. We always plan our trips and make sure we see what we want to see and we have a budget. I just don’t want to spend money foolishly," said David Baker.

The survey estimates the average vacation trip costs about $1100 and a week long vacation typically costs most people more than their monthly rent or mortgage.

The survey also shows that people tend to spend 10 percent of their annual income on vacations.

"If i get to the end of my money, that’s the end of the trip. I always budget in a way where I have lots of friends in most of the places I stay so housing expenses are usually not a big issue for me," said Hunter Hall.

To avoid going broke, experts recommend budgeting everything down to the last dollar, so there are no surprises. Cutting unnecessary costs could help pad your savings account.

Remember, not paying the monthly balance off your credit card could push you deeper into debt.

Whether these travelers are really ~savvy-savers~ or just don’t want to admit the truth, take notes and start saving now!