To put a dream holiday on a credit card - even though I can't afford it

[Notcool1984]

Would I be crazy?
Reeaaallly crappy year with health issues, family stuff, kid dramas.
I've always dreamed to go to a particular long haul destination.
I have around £2k saved, but realistically need around £2K more.
Would I be mad to put it on a credit card?
As background, I have no credit card or student load debt. I earn around £3k pre month, although single parent, but still £500 savings per month is doable, so it would take up to 6 months realistically to pay back.
Would you risk it?

Thailand

I would

I would do it. You only live once. And an holiday can do wonders for your mental and physical well being.

Go in six months and enjoy having something to look forward to. Otherwise it'll soon fade into the past and you'll be skint paying it off in a miserable winter.

Save and go next year. You'll enjoy it more when you don't have to worry about paying it off.

I would. If you know how to pay it off, do it.

Is there a reason you can't wait and need to do it now? Personally I think holidays shouldn't be put on credit. But if it was a once in a life time opportunity thing then maybe, sounds like you could wait and go to Thailand next year.

Why can't you save up the money first and then go?

Spending money you don't have is never a good idea and this is completely avoidable. Just wait a bit and do it when you can actually afford it.

Really dumb to put it on credit. If you save you will have the holiday to look forward to. If you stick it on credit you will be paying more for the holiday and paying ages after the holiday is over. Leaving you with less contingency for emergency.

Can you still easily make the repayments if the car/boiler/washing machine breaks down and needs replacing?
If not then you'd be mad to do it.

No, I'd save up and go next year.

Credit cards should be for things such as the boiler suddenly failing and needing replacement, or a car repair, things where you benefit every day or are basic necessities.

Yes. You'll have all the motivation in the world, pre-holiday. Once it's passed, you'll have good memories, and much less motivation to pay it off... plus a rising cost of living.

Depends. Is it some time-limited bargain offer? As sole income you need to be more cautious I think. Especially if you mean £2K is all your savings, and you don’t have any extra to fall back on.

What's the rush, why the urgent need for gratification?

Well if you KNOW you can pay it off without issue then go for it. I always put my holidays on the credit card as you are then “protected” in getting your money back if necessary.

However I know we can afford to pay it comfortably. If money is a bit tight and you have no wiggle room for emergencies etc then maybe I wouldn’t. Only you know what your finances are like.

Everyone’s finances are different on here, so you will get a mix of responses!

I would save for it, then book it with the credit card, then pay it from my savings before interest becomes payable. Hopefully that's attainable this year before Thailand's rainy season...

It is better to have a safety net of savings so I would want to have something in place for a rainy day, before putting money towards holidays however desirable. You sound motivated and determined enough to make it work for you though.

Should you? No
Would I? Yes

Once you get into debt you’ll never get out of it. Research your holiday good & proper whilst you’re saving up for it.

I would. In fact we always put our holidays on a 0% credit card and pay it off every year by the time we go. We never spend more than we could afford if it all went tits up though and we suddenly found ourselves on a lower income. To me it’s no different to the many “pay monthly” schemes places like Tui and Jet2 offer.

What about spending money etc? I would hold off another year and save like crazy and treat yourself next year.

Once your in debt, it's a spiral.

@WallaceinAnderland Just been a rough year and it's the only time I get a long period off work that I can take my kids away. We haven't had a proper holiday in a couple of years.

@Xrays So you pay it off throughout the year?

I have no debt, I have a few grand in savings, but that is VERY much for something like boiler breaking. / roof repairs, that can't be touched for holiday.
Spending money would be ok because I would just use my salary for that month.

Why do people spend beyond their means is something I’ll never understand.

How is Thailand going to cost you £4k for you and the kids? 😳 We are going to Ibiza for a week in June and admittedly we’re staying in a 5 star hotel etc but for the four of us (3 adults including adult dd and one Ds aged 10) it’s costing us £3.5k!