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?

@WallaceinAnderland I went in June when I was backpacking and loved it.

I'd go for it. Life is too short to not live and my attitude to debt is if it can be cleared in 3 years it doesn't count. I have no debt right now apart from my car but if I really wanted to do it I would. You don't know what tomorrow will bring and at least you have banked these memories now!

No. I’d never use my entire savings pot either.

Assuming you have emergency savings you aren't wiping out to get that intial 2k, you're on a decent wage and can comfortably afford to pay it off quickly, just bung it on a 0% card and go.

I can only assume all the people saying it's a terrible idea have bad credit so can't get a 0% rate or have issues managing their credit.

Monsoon season starts in July and goes for a few months.

I did it recently because life is short, and i had a 0% deal 🤷‍♀️

I'm in two minds. I'd love to go to Thailand and normally I say live for the day. Particularly when it's things like holidaying with kids who might be flying the nest soon etc.

However, last years holiday we put all our hol spending on a clarity credit card. Which handily split over two months to pay off after we got home. God it was depressing looking at the spending - I was going through thinking why did we think that extravagant meal was a good idea, why did I buy those cocktails etc 😳

How long ago was it? Climates have changed. Check the rainfall over the last 5 years for the area you want to visit. It would be awful to splurge on the 'dream holiday' for it to just be a wash out.

Personally I wouldn't do it and would just save money and then go on the holiday. The dopamine hit doesn't last long enough.

I never spend more than I earn and I only use the credit card for consumer protection purposes. The balance is paid off at the end of each month.

Wouldn't consider it for a moment.

Don't do it, if you want to go now I'm sure you can find something amazing for yourself for 1k and keep some saving as a safety net, + save more in the future for that dream holiday.

The main reason is if you could really save 500£ each month, realistically you would have a lot more than 2k in savings right now...

What if you lose your job, get a serious illness, have an accident and can't work? You would have no way of repaying your credit card debt. Save up before a holiday.

If you can get a 0% credit card i would be doing it.

I would.

I have. I am just not a believer of buying things on credit card and paying it back later. All the big ticket items I do buy on credit card for protection purposes I pay them back immediately.

I don't know if people have heard of credit crunch, I don't know if people have heard of inflation or recession? It's not the most prosperous time right now and people should think about saving up for the worst that is to come.

But if she wants to live her life and live in the moment then why even come on here ask for advice.

Thank you!

No wonder this country is into the shitters. The amount of people who are just advising on getting into more debt especially right now is a complete JOKE!

Totally ! This is how it starts!

Oh don't worry it will be fine! Enjoy it! Spend it now think about it later!

Good LUCK !

Every child in this country need to be better prepared and get an education in financial prudence! It really saddens me that people are buying everything on buy now pay later, even Deliveroo got klarna what is this world coming to!

@MissLucyLiu You asked if she planned spending money and if she was going to put that on her credit card too. She's said multiple times already that spending money is separate and accounted for from her salary. Sorry, I wasn't meaning to single you out, you were just one of many people asking the exact same question.

Yeah see if you can get a zero balance credit card and book now, then pay as much as you can off each month - I'm speaking as someone who in the time it took to save for my dream holiday, the price went up by over a grand.

If the total cost for the actual holiday is £4000, why pay £5000 or whatever it would be with the interest on your credit card?
But, save the money and pay by credit card so long as you can pay off the debt in one or maximum two payments. This will give you some legal protection.

I've put out holiday on the card this year: plan to pay back by Christmas. I always do it that way round, stupid really.

@CampsieGlamper it's 0% interest for 18 months.

I think your thread title is misleading as you clearly state 'even though I can't afford it' and now you seem to be saying that you can easily afford it.

Obviously, if you can't afford it, don't get into debt over it. If you can afford it, crack on.

Personally I would not risk financial security for a week in the sun/rain. No holiday is worth the stress of not being able to meet your bills if you lost your job/became unwell.

If they did, then I hope the educators would explain that its more financially prudent to make disciplined use of 0% credit to pay later (as the OP intends), leaving any savings in your own bank account where the money is working for you, rather than in some company's where it's working for them.