Gen Zers and millennials are willing to go on summer vacation at all costs. Literally.

What’s on deck:

But first, just charge it.

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The big story

Destination debt

Buy the ticket, take the ride… go into crippling debt?

Summer is in full swing, and Independence Day is approaching. That means plenty of people are entering vacation mode. But these trips also put a good chunk of young people into debt, writes Business Insider’s John Towfighi.

Surveys from Credit Karma, Bankrate, and Bank of America show Gen Zers and millennials are willing to go on summer vacation at all costs… literally.

Almost half of millennials surveyed (47%) were willing to take on debt to fund their travel plans, with Gen Z not far behind (42%). (However, it’s not just young people. A third of Americans were happy to swipe their way to their next trip, according to Bankrate’s report.)

Multiple surveys also found young people are willing to put travel plans ahead of their financial goals. In fairness, you’ll always be saving for something, but you can’t frolic on the Amalfi Coast in your 20s forever.

To be clear, we’re not talking about a couple of overdraft fees to make it through a long weekend on the beach.

Almost a quarter of young people surveyed by Credit Karma expected to rack up $2,000 in debt this summer. And about 10% of that group were willing to push it even further, surpassing $4,000 in summer debt.

Fueling your summer vacation with debt isn’t a great idea, but it’s easy to see how young people can fall into that trap.

This is, after all, a country built on debt. When the government can’t stop borrowing money, it’s no wonder its citizens feel so comfortable doing it.

The summer is also prime time for the bane of most people’s finances: weddings. Bachelor and bachelorette parties can be a particular drag. In 2023, one app estimated the typical bachelorette attendee spends $1,200 per party.

But even if exercising your credit limit might feel like a necessary evil these days, it’s a particularly bad time to do it.

The average credit card interest rate is above 24% right now! So what happens in Vegas stays in Vegas, but the charges you piled up to get there will stay with you for a while, thanks to interest.

That’s not to say you should be a homebody this summer. There are plenty of ways to travel on a budget. Maybe you do a tiny bit of work while you’re there, or perhaps you don’t pay to pick your seat (the middle’s not so bad).

Whatever the case, just be able to afford it.

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What’s happening today

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The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.