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 is cheap. Prob packaged holiday deals.

If you know you can pay it back do it. If not just save a bit longer x

Yes we just pay way over the minimum requested payment every month until it’s gone. Some years we’ve had other stuff we’ve had to use it for so it’s not been completely down to 0 but then we just chip away at it and then switch to another deal and have done that now for years and years.

@MissLucyLiu I don't normally! It was a one off idea, but people are putting me off - probably a good thing!

@Xrays very easily - package deals for three come to around £3.5k and then £500 would be for extras. I would have my salary that month too though for buying food etc.

I would, sounds like you've had a hard time and could do with a holiday! You only live once OP. X

No, I wouldn't - it makes the holiday too high stakes. It would amplify the disappointment if something like rubbish weather/medical issue or sickness/injury happened whilst there. Admittedly, I'm not a big holiday person though!

When would you be booking for? If you can definitely pay £500 a month, you’ve got £2K already, then you’d basically have paid it off by August, when you’d be going?

Why keep the savings for the roof in savings and the holiday on the CC rather than spending the savings and replenishing those from the next few months? Not ideal but better than debt.

Personally I would hold off because the anticipation and planning is most of what makes holidays cause happiness. Hope is the thing. And memories. not actually the holiday as much as you'd think.

Always save up first.

Do it do it do it! ….if you can afford to pay it off ultimately and without incurring horrendous credit card charges. I understand those saying to save and that would indeed be the sensible decision. But then you don’t know what’s around the corner (not to be morbid or negative), but if it was me I would.

Don't. Always avoid going in debt.

See if you can get a CC with 0% purchases. Work out when the 0% ends and divide the holiday cost by that many months, round up to the next £100 and pay it off within the time.

So 2k on CC 0% for 12 months, pay off £200 a month and you'll do it comfortably. Absolutely no difference to the martyrs here saying 'save'.

I would, have and would do it again! You have no debt and the means to repay within an interest free period... go for it!

I would actually. You sound very in control of your finances and sensible to retain your rainy day pot.

If it's what you really want to do, you have a plan to pay it off, can afford the repayments and it's the only time you can go, then I would.

In inflationary times I'd spend not save. With a 0% credit card to pay.

I don't take a holiday I can't pay. Absolutely hate paying any interest to banks that's not a mortgage.

In your case, I will do it. You've had a crappy year, it's the long haul destination you dreamed about, and have the income to get rid of the debt in a few months.

Go for it.

I would. But I’m not great with money!
I just think that why wait, it’s not like you can’t afford it at all. Being able to pay it back in 6 months is hardly anything and you don’t know what could change in a year.

Life's too short. Book the holiday.

Hope you have the best time!

If it's interest free and you have a plan to pay it off within a reasonable period that doesn't impact your day to day life too much I don't think it's a terrible decision. You'll need to budget for all the other inevitable holiday spends though.

Whether you do it or not, why not start saving specifically for holidays? A set amount a month, pay ahead instead of behind and always have something to look forward to.

I would and do, but find a 0% credit card and commit to paying it off. If you can pay it back in 6 months definitely.
I wouldn't advise this to anyone who didn't have a plan to pay it back btw but I think if you can do it 0% and feel confident in repayments then yes!

M&S had a 24 month 0% offer recently, which is what I've got

I would, and do. I have no problem with paying off holidays I have had to amazing places on my own with my DC whilst young enough to enjoy my company and marvel at wonders of the world. I have never regretted a holiday that I have put on a credit card, Thailand being one of the best holidays me and DC have ever had. Life can be so miserable, and so hard, and so relentless. Sometimes having an adventure ahead has been the only bit of light.

I don't have a credit card and I've never been to Thailand. So it's a nope. I'd save up. I love seeing savings in my account, not so keen on paying big money back....
And it's exciting to plan and save for something, but paying for something after the fact is a bit of a drudge.

I'd do it, and so would most people I know in real life.

Oh the tide turned a bit while I looked away haha. It is a funny age my kids are at too, 13 and 11, so wondering if the oldest will be too grumpy teenager by next year to enjoy...