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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:
BarbaraofSeville · 04/09/2023 05:20

I think you should go. It will only delay your debt free date by 4 months and it sounds like you've otherwise turned your spending habits around.

Presumably you're using balance transfer offers to minimise interest so it's not even like it will be costing you anything in extra interest charges?

tempuseradsm · 04/09/2023 05:22

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tempuseradsm · 04/09/2023 05:23

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TheHappyCarrot · 04/09/2023 05:49

Well it's decisions like these that got you into so much debt in the first place with 'needing' stuff.

I do think it's irresponsible to take on more unnecessary debt but if you're happy to prolong your debt management for a brief holiday, go ahead, it's you that has to pay it back, not all rhe posters here encouraging you to get into more debt.

Gnomegnomegnome · 04/09/2023 06:03

Debt terrifies me. I couldn’t go knowing that I couldn’t pay for it.

Ponderingwindow · 04/09/2023 06:06

Holidays should never be financed with debt. They are optional. You got yourself into this position by using debt for non-essentials. You need to adopt a strict practice of not spending what you don’t have.

Papillon23 · 04/09/2023 06:14

Does the 36k include interesting, or is that 36k off the capital? (Underlying question, what difference will this make in months to when you are debt free?)

Will you be able to continue to make good decisions around the holiday or will it be like opening the spending floodgates? I'm good at being frugal but once I have decided I am buying thing X, I tend to then also buy things Y and Z. Personally for me, I don't have a problem with that as actually it's usually things I have been wanting for months and I have plenty of money. But if I had a different type of personality (like the one I have for food) it would be a serious problem.

Will this truly be a one off, or is the family using it as an excuse for a nice holiday and actually there'll be another in 2/3 years time?

I genuinely don't know which decision I would make in your shoes. The questions above are what I would need to ask myself to try and make one in your shoes.

Overthebow · 04/09/2023 06:22

You can’t afford it. Holidays are luxuries and you still have a huge amount of debt to pay off.

Doingmybest12 · 04/09/2023 06:29

How much do you owe still?
How much are you paying back each month?
What are your savings like?
What are your earnings and outgoings?
Unless this was to see a dying relative,I really wouldn't want to take on yet more debt and I don't think it's very family orientated for a family member to want their close relative to join them in a 4000 holiday unless they are not bothered if you go, not bothered about your money situation ,have also lost touch with the reality of money, are willing to pay it themselves as a gift.

terraced · 04/09/2023 06:33

We're on a debt free journey too and I wouldn't. I definitely wouldn't borrow from family - it changes the relationship.

ReeseWitherfork · 04/09/2023 06:35

£4k is going to set you back 4 months… not a massive amount compared to your initial 60 month target. And if you’re ahead of your July 2026 date then I’d say definitely go.

Life is short. Go on the holiday.

(But make sure this is just a break from being strict, not the start of a downward spiral.)

Needingachange · 04/09/2023 06:37

Go on holiday. Life is too short. You won’t be adding to your official debt. You know you can be strict with yourself and pay it off, it’s great you’ve come so far and made so many sacrifices. But it’s not like you’re throwing all of your progress away. It’s someone’s big birthday and presumably a bit of a once in a lifetime family memory

yikey · 04/09/2023 06:42

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.

This. You've got a handle on it and have done brilliantly. Life is very short, a family holiday shouldn't be missed if possible.

honeyandfizz · 04/09/2023 06:42

Instead of loaning the money from your Dad can you not use savings? Or pay less off the debt for a while? I would go on the holiday as pp said life is short, spending time with loved ones is time you cannot get back later on.

Dustybarn · 04/09/2023 06:44

Whose birthday is it? If it’s your cousin’s 50th then no, but if it’s your mum’s 70th then that’s different. And is the 4K all inclusive?

Cucucucu · 04/09/2023 07:10

Go , you only live once .

Harrysutton · 04/09/2023 07:12

It depends. How much do you now owe and how much longer will it take to pay off your debt?

Wolfpa · 04/09/2023 07:13

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.

This is quite short sighted, credit cards are more than just lending. The safest way to pay for a holiday is on a credit card especially with the amount of companies going out of business at the moment.

It sounds as if OP has done some amazing work on their debt you should be really proud. With regards to this holiday think about how you are going to feel if you don’t go vs increasing your debt?

i would be tempted to take the family loan save enjoy myself you are obviously wanted there.

Noalcohol · 04/09/2023 07:17

I would life’s too short. What is your net worth? Make sure you have an agreement in writing for your Dad.

DimOGwbl · 04/09/2023 07:22

I paid £14k off over 4 years some time ago. I didn't go on any holidays during that time and the eventual feeling of becoming debt free was amazing.

How much left have you got to pay?

The holiday costs £4k to book, how much will you spend while you're there?

I wouldn't do it, sorry.

Darby3785 · 04/09/2023 07:23

You should go

Life is for living, debt shouldn't stop making memories. You have done so well paying off the 36k. If you are close to this family member and really want to go then for me that would be decision made.

How you finance it is upto you but try not to use credit. If Dad is willing to help you out , let him. Do you need to stump up the money now or could you save a bit and Dad help out with the rest?

Corrie86 · 04/09/2023 07:25

That’s amazing you’ve paid off £36k in 3 years!
if you think you can do this and continue on track after then I would.

Notts90 · 04/09/2023 07:30

Do it.

Life is too short. You clearly have a good handle on managing the debt. It's still being paid off. Presumably Dad wouldn't have offered if he didn't want you there!

Go and enjoy yourself as a family.

donkra · 04/09/2023 07:36

Who invites other people on a holiday costing 4k for their birthday?!

I'd have to agree that you just can't avoid 4k holidays, sorry. Going "fuck it, life is too short" is how you ended up in the thick end of six figures in debt in the first place.

Mummy08m · 04/09/2023 07:37

Debt is a kind of addiction isn't it? (I'm saying that with no judgement whatsoever, I have had problems too in the past with different things).

What I'm saying is, I don't think all this YOLO rhetoric is helpful. "You could die tomorrow" is the kind of mindset that gets people into debt in the first place.

I would go on the holiday, but I've never had problems with debt specifically. However there are things I wouldn't touch because I have problems with self-control with that specific thing.

If someone has a history of debt problems, I just think it's a bit irresponsible to say "go for it, you only live once" to them about big spends

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