A question mark on the quality of life while clearing out debt often comes up. How many luxuries and desires does a person need to give up? And, the question arises for travel junkies… Should they travel in debt? Should you keep your life static while clearing out your debt? Absolutely no, but should you sacrifice some of your wants and desires to get out of debt! Well, of course yes! Different people have different debt and life conditions. Thus, they need to be perceived differently. You don’t have a simple answer of whether you should travel while you’re in debt or not!
There are some segments which you need to evaluate before taking the decision of travelling in debt!
Look out for your debt. What type of debt is it? Is it a high credit card debt, student loan, mortgage, car debt or health debt? What debt you have and what are interest rates linked with them? It is the debt and the interest rates which help you decide whether you should spend the extra money on tour or not.
How much time will you take to clear off your debt?
If you give up on your wants and luxuries, can you alleviate the debt in the coming year or the next two years? You need to decide whether your desires are worth sacrificing or not! While some people prefer debt free journey, others find it comfortable to travel with thousands of dollars of student loan.
Your fiscal condition
Your previous spending habits need to be controlled before your prioritize your desires again. Are you paying all your bills? Have you got an emergency fund? Are you still using your credit card? Your finances need to be managed orderly and you should plan all your debts well before opting for travel or else the old habits will keep on creeping in! Travel is good, but it should cause piling up off your debt.
Opportunities and life
But, of course, you come across special circumstances which may make traveling your first priority whether you’re fiscally ready for it or not. Extreme cases like where your loved have met with sudden illness or accident. You surely have to choose traveling. There is just one life and you need to live it at your fullest. But make sure you don’t create incidents just to justify your traveling desires.
How will you pay for your trip?
Lastly, if you decide to rank traveling at the top after evaluating all the implications, you should pay for the travel with cash. Cash ensures that there wouldn’t be any further debt accumulation.
What should you do?
What should you do in such a condition? No matter whether you’re under student loan, mortgage, house loan, credit card debt or anything, ranking priorities and then working accordingly is very important. Opt for the best debt consolidation loans so that while your debt is being tackled well, you can also enjoy your life by travelling. Make sure you choose the program which syncs well with your travel plans.