Since four years, it’s the first time when the US economy is booming, which has GDP growth of 3.2% in the first quarter, but still, many Americans are not feeling comfortable in taking holidays during summer vacations.
A recent survey done on the planning of holidays revealed that a feeling of financial strain is getting prominent in households of America. The people who took participation in the survey, among them most of the people said that they confirm that they are not going to take holidays, 60% of them gave the reason that they are not in a state that they can afford it. This rate was very less last year that is 50%.
The findings showed that the key determinant behind these decisions is income. It was found that people who are earning $40,000 and less as their annual income, among them 70% do not make any plans of holidays during summer vacations because they are not able to afford it.
One of the analysts of credit card said that the results of the survey are giving a hint of division in the financial conditions of America. He said that they are themselves seeing the emergence of two camps. People are performing their jobs so well but still, some are left behind in career. Some economic analysts said that the sanctions made by President Trump on Iran might is able to push the average of the nation up to $3 per gallon an increase in the prices of gasoline has soared this season.
The survey had good news that Americans who have mid-range income are seen to be sacrificing their holidays for reaching the goal of becoming debt free. People whose income ranged from $40,000 to $80,000, 37% of them said they were indulged in paying their down debts that’s why they canceled their vacations.