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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

181 replies

Notcool1984 · 26/04/2023 13:40

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?

OP posts:
MissLucyLiu · 27/04/2023 20:28

5128gap · 27/04/2023 18:25

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.

Show quote history

Why do you think 0% credit is there to begin with ? Do you think credit card companies are doing it out of the goodness of their heart so you can make 2% on 2k for 1 month? I.e 3 measly pounds you made from your genius investment. Absolutely joke.

people are trapped to think they can afford something they cannot. Then unfortunately life happens and then when you think you got your salary to pay it off then your roof leaks then you have more outgoings. It’s there to make money. It’s there because a lot of people get caught not paying and then the APR goes into turbo charges. Don’t be so naive.

Boomboom22 · 27/04/2023 21:02

Well yes some do but some don't. People who have emergency savings and then normal savings on top usually fall in the latter category. Some people don't have a credit card but think they are financially savvy. 🤔

5128gap · 28/04/2023 06:33

MissLucyLiu · 27/04/2023 20:28

Why do you think 0% credit is there to begin with ? Do you think credit card companies are doing it out of the goodness of their heart so you can make 2% on 2k for 1 month? I.e 3 measly pounds you made from your genius investment. Absolutely joke.

people are trapped to think they can afford something they cannot. Then unfortunately life happens and then when you think you got your salary to pay it off then your roof leaks then you have more outgoings. It’s there to make money. It’s there because a lot of people get caught not paying and then the APR goes into turbo charges. Don’t be so naive.

Show quote history

No, I know very well why 0% offers exist. That doesn't mean that people who are 'financially prudent' can't make them work to their advantage through their 'disciplined' (note my use of the word!) use. Many people successfully use credit in this way to pay for purchases and save money by doing so.
I understand your fear of indebtedness, and obviously for some people you're correct. However if you think its possible for everyone to live debt free, then you are the naive one, I'm afraid. So much of life these days requires borrowing of some sort, from ones education, to home, car, to deal with unexpected cash flow issues, if starting a business, even from the DWP for essentials through budgeting advances of benefits.
Your intransient and hyperbolic attitude is actually a barrier to the financial literacy you advocate, as by teaching people they should greet all borrowing with a hard no, which for many people will prove unrealistic, you fail to teach them that some options are better than others.
(I realise the OP is talking about a non essential here, but the wider point stands.)

Tumbleweed101 · 28/04/2023 06:41

I’ve done it with a holiday for this year. I’ve put it on a 0% interest credit card with 18mths to pay. After Covid restrictions stopping travel I made a promise to myself that I wouldn’t let money stop me travelling again. We don’t know when our freedom could end, be it global pandemic or our own health/situation.

WordtoYoMumma · 28/04/2023 06:55

I would. I've never taken my kids abroad as I couldn't afford it, and now I'm regretting that we never did. I wish I'd worried less about debt and enjoyed life when they were young.

KenAdams · 28/04/2023 07:24

You only live once and you don't want to spend it worrying about the debt you've saddled yourself with.

Agree about checking rainfall - climates have changed everywhere.

MissLucyLiu · 28/04/2023 07:31

5128gap · 28/04/2023 06:33

No, I know very well why 0% offers exist. That doesn't mean that people who are 'financially prudent' can't make them work to their advantage through their 'disciplined' (note my use of the word!) use. Many people successfully use credit in this way to pay for purchases and save money by doing so.
I understand your fear of indebtedness, and obviously for some people you're correct. However if you think its possible for everyone to live debt free, then you are the naive one, I'm afraid. So much of life these days requires borrowing of some sort, from ones education, to home, car, to deal with unexpected cash flow issues, if starting a business, even from the DWP for essentials through budgeting advances of benefits.
Your intransient and hyperbolic attitude is actually a barrier to the financial literacy you advocate, as by teaching people they should greet all borrowing with a hard no, which for many people will prove unrealistic, you fail to teach them that some options are better than others.
(I realise the OP is talking about a non essential here, but the wider point stands.)

Show quote history

I don't think people can live debt free. I personally think getting a mortgage for a house is very different to borrowing money to go on a holiday.

But you and I differ on this topic. People should budget from their everyday obligations such as mortgage payment and car payment to save up for holiday as this is not an ESSENTIAL spending. But if OP is already putting this on credit cards it means he/she did not budget for it. It is budgeting from the future when the future cash flows are already indebted from essential bills and ridden with uncertainty.

You can I can disagree on this. You might be extremely prudent when borrowing from 0% credit card and these companies don't benefit form people such as yourself.

MissLucyLiu · 28/04/2023 07:34

I think this reminds me of another debate on MN.

Building asset and building memories came in head to head.

The thread was on whether everyone is entitled to 'go on holiday' even if get into debts.

toomuchlaundry · 28/04/2023 07:41

If you could save £500 per month why do you have such low level of savings, could you really save £500 per month? What would you need to cut back on to reach that level?

MrsMikeDrop · 28/04/2023 07:44

Don't. You'll regret it later. If you don't pay it off the interest will be crippling

Beeinalily · 28/04/2023 07:52

At the time I voted it was 50/50 - I think you should do it, as long as you're sure you can pay it back. Yes you could save up for it first, but anything could happen in the meantime, travel restrictions (as there were for covid), potential health problems, as you said dcs turning adolescent and stroppy. And as we speak, there are elephants waiting for you to feed them watermelon! 🐘 🍉 (They waggle their ears to show they're happy when you do that, and if that doesn't persuade you nothing will, )

SwordBilledHummingbird · 28/04/2023 08:39

Usually I'd say no but if you're absolutely certain you can pay it back quickly, and it's a 0% card, then I'd be tempted to say yes.

StillWantingADog · 28/04/2023 08:42

No I’d carry on saving then book it

or if you can book as a package you should be able to pay a small deposit and the bulk much later

MaltedCow · 28/04/2023 08:45

Well I voted YABU but then realised I hadn't read all of your posts properly. Given that you can easily afford to repay this, the credit card is 0%, you already have an emergency savings pot, I would probably change my vote to YANBU and say have a great time on holiday with your children.

annonymousmouseinyourhouse · 28/04/2023 08:53

Do it op, you won't regret it.

Bellaboo01 · 28/04/2023 08:54

Notcool1984 · 26/04/2023 13:40

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?

GO FOR IT!

Sounds lovely and something to look forward to.

Enjoy.

HeidiUpTheMountain · 28/04/2023 09:48

toomuchlaundry · 28/04/2023 07:41

If you could save £500 per month why do you have such low level of savings, could you really save £500 per month? What would you need to cut back on to reach that level?

This is why I said save up. It just doesn’t sound as though OP could realistically put this by each month, or she would have already.

Original poster
Notcool1984 · 28/04/2023 13:12

This is so divisive and I can see both sides of the argument. I am normally well in the first 'no' camp, but something is telling me to take this risk one time (probably due to rough af year!)

OP posts:
5128gap · 28/04/2023 13:17

On the 'save up' note, the holiday I went on last year has now increased by 33% for the exact same location and hotel, so I'd be keeping my eye on rising prices too. Even if you were paying interest it could still work out cheaper than deferring with the way things are going.

misssunshine4040 · 28/04/2023 16:31

Notcool1984 · 26/04/2023 13:40

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?

Yes! You live once.
You've had a crap year, it will take 6 months to pay back, just book it

Emotionalstorm · 28/04/2023 19:03

misssunshine4040 · 28/04/2023 16:31

Yes! You live once.
You've had a crap year, it will take 6 months to pay back, just book it

Show quote history

Yeah that's what people with crap lives tell themselves until they've done it like 10 times and they're in too deep.

Pedallleur · 28/04/2023 19:34

Interest free card and cut it up after you pay. Keep the details in case you need to cancel or need refunding. DO NOT spend any more on the card and know when the interest free period ends.

whatcanidotobelieve · 28/04/2023 19:50

Go for it!! Make the memories and share this place with your kids...

I've just been diagnosed with a terminal illness, I have some years left for sure but travelling is now too difficult. I'm only in my 30's and have young kids.

You never know what life will throw at you...go on the trip and enjoy every minute of it!!

Conductpolicy · 28/04/2023 19:53

Definitely not no.
Plenty of cheaper holidays to have and also you can save.

Have lots of little ones and a week somewhere

Pearfacebananapoop · 28/04/2023 19:54

Do it. You know you've got to pay it off and have a plan. Who knows what could happen around the corner. After covid I take every chance I can. Currently got about £4k on my card for a holiday in the Rockies, and it will be paid off in approx 3 months.