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Original poster

going on holiday whilst in debt

154 replies

thewearyone · 03/09/2023 22:28

Hi,

Me and dh has our lightbulb moment in July 2020 and realised that our debt was totally out of control. We set ourselves a target to be debt free by July 2026 - 5 years.

We have been so disciplined and have made great progress. We have paid off 36K in 3 years. We haven't once used a credit card, store card etc and this has become our new norm. We have also been able to build an emergency saving fund.

Next year a very close family member has a 'big birthday' and has invited us to join them on a special holiday. It will cost us 4K. We have settled for UK camping trips since starting our debt free mission and the plan was that we would not go abroad until is was all paid off.

I desperately want to go on this holiday. I have spoken to my dad about it ( he is going on the holiday) and he has offered to pay our 4K for now and then we will repay it when all of other debt is cleared. I am so tempted to do this.

would it be awful of us to do this?

OP posts:
CoopAndWheels · 03/09/2023 22:37

There is not a chance I would rack up another 4k worth of debt for a holiday when I already owed so much tbh.
What you’ve paid off so far is absolutely amazing, but could you enjoy the holiday knowing it was eating back into what you had already paid off?

Original poster
thewearyone · 03/09/2023 22:49

CoopAndWheels · 03/09/2023 22:37

There is not a chance I would rack up another 4k worth of debt for a holiday when I already owed so much tbh.
What you’ve paid off so far is absolutely amazing, but could you enjoy the holiday knowing it was eating back into what you had already paid off?

I don't know. I really need to think about this carefully

OP posts:
Ilovegoldies · 03/09/2023 22:51

I would. Only because its your dad offering though. I wouldn't lend from any institution.

PRAMtran · 03/09/2023 22:53

No way, debt is a millstone, you don’t need to go. See them all back home

PRAMtran · 03/09/2023 22:54

Go on a fab holiday when it’s your big birthday and you’ve got money in the bank

Batalax · 03/09/2023 22:55

I might consider a small treat holiday but you’ve worked so hard, why spoil it by 4k?

WGACA · 03/09/2023 22:56

I wouldn’t put a holiday on a credit card in a million years. You’ll still be paying it back years later when you’ll barely be able to remember it.

AnnieSnap · 03/09/2023 22:59

Go on the holiday. It sounds like you are both doing a great job getting on top of your debt and you’ll continue doing so. Your dad’s offer is generous, people (including you) don’t live forever and this is a special family celebration!

suburbophobe · 03/09/2023 22:59

would it be awful of us to do this?

Well, go for it. But don't expect life will get better money-wise....

HeddaGarbled · 03/09/2023 23:00

It’s far too much. You aren’t wealthy enough for £4000 holidays. I’ve never spent that much on a holiday because I don’t earn enough. It’s a bummer, but that’s the way it is. Maybe one day.

Redavocadoes · 03/09/2023 23:01

You have done so well to have got where you have and stick to it for 3 years, with 2 years to go. Part of me feels like you deserve a half way treat. But £4k is so much money! How long would it take you to pay that back after your original debt is cleared? Is the holiday really worth the month after month of a frugal life to pay it back?

Is there any way you can do the holiday cheaper...stay nearby in different accommodation or something? Or is it something like a cruise?

Quitelikeit · 03/09/2023 23:01

Of course you should go! Life is all about the experiences and great memories - you’ve paid off 36k and that’s amazing!

How much debt do you have outstanding?

BicOrange · 03/09/2023 23:03

I wouldn't, but what's the holiday? Maybe there's a cheaper way to do it.

bonzaitree · 03/09/2023 23:04

How much debt do you have to pay off still OP?

mimiku · 03/09/2023 23:04

Quitelikeit · 03/09/2023 23:01

Of course you should go! Life is all about the experiences and great memories - you’ve paid off 36k and that’s amazing!

How much debt do you have outstanding?

This is how I feel too. And it’s your dad loaning the money, so you’re not going to be wracking up internet (I assume anyway!). But I realise I’m probably in the minority in my thinking.

mimiku · 03/09/2023 23:04

*interest, not internet 🤦🏼‍♀️

OrangeySnicket · 03/09/2023 23:06

HeddaGarbled · 03/09/2023 23:00

It’s far too much. You aren’t wealthy enough for £4000 holidays. I’ve never spent that much on a holiday because I don’t earn enough. It’s a bummer, but that’s the way it is. Maybe one day.

If OP can afford £12k a year debt repayment the sounds like she can definitely afford this level of holiday when out of debt.

I'd do it if you don't think it'll make you spiral back into high spending.

Guess it depends on why you got into debt in the first place and how much is left.

dearanon · 03/09/2023 23:07

I would go on holiday.

storypushers · 03/09/2023 23:07

So that's about 4 months savings going by what you've already paid off. Not a huge amount if you look at it like that.

lemonsaretheonlyfruit · 03/09/2023 23:09

I say go. It sounds like you have got a good grip on how to repay your debt and have done an amazing job in the last few years.

I don't like having debt either and have a small credit card bill but I think sometimes if there is something that is really important to you then do it.

As others have said, none of us know how long we are here for and I think it's important to do the odd one off thing that is meaningful and important.

I also assume the offer comes interest free. It's a great offer. I'd go for it.

808KateO · 03/09/2023 23:10

I think you should go. You've clearly got to grips with paying down debt and saving and if you think you can hunker down and get the rest paid off, then isn't making memories with your dad the most important thing? 4k isn't a huge amount really in the grand scheme of what you've already managed to pay off in a short time.

peanutcrumble · 03/09/2023 23:10

I would. But that's because I'm in the "you could be dead tomorrow" camp! Life's to short go on the holiday.

Sunsetred · 03/09/2023 23:12

Go on holiday and have fun with your family. Your dad isn't going to charge you interest and he will wait for the money to be repaid. He's obviously offered because he wants you there. I would probably have told you to think twice if you were using a credit card to pay for the holiday but that's not the case. Enjoy as many special moments with your close family as you can as it's not always going to stay the same.

SD1978 · 03/09/2023 23:16

I would. It's a loan from a family member, with no interest. You've got plenty of time to save up some spending money. You've done a great job. This is t the start of (I hope) a frivolous downward spending cycle- you've spent three years getting ti this point and clearly have changed what you both do significantly. If it was a holiday juts for you both to say well done-different story but this is time with family and I for one don't miss that as you never know how much of that time you'll ever have!!

Ohmylovejune · 03/09/2023 23:16

It's a huge amount of money but sounds like it's important to you. I would as a mid way treat. But don't let it derail you.