Going on a dream vacation on our 25th wedding anniversary

[DarkOliveGreen]

My husband and I will be celebrating our 25^th wedding anniversary and we thought of celebrating it by going on our dream vacation. i have saved some money for it but not sure if it would suffice. i am thinking of getting a personal loan because they often feature interest rates significantly lower than those of credit cards.

how do i find the best personal loan? if i have a good credit score, will i get low interest rates on my loan?

[Liss]

@DarkOliveGreen 1077690 wrote:

My husband and I will be celebrating our 25^th wedding anniversary and we thought of celebrating it by going on our dream vacation. I have saved some money for it but not sure if it would suffice. I am thinking of getting a personal loan because they often feature interest rates significantly lower than those of credit cards. How do I find the best personal loan? If I have a good credit score, will I get low interest rates on my loan?

The Best rate you can expect on an unsecured personal loan is 6-11% and that’s if you have an Excellent credit score. If your credit score is 625 or below- you can expect rates of 12-24% in todays market and the average length of time to pay off a personal loan of $5k is 3 years.

Personally, I feel it’s a very bad decision to go into debt for a vacation (or any other leisure activity). You’d be better off using decent credit cards to pay regular monthly bills and then use the points to pay for your vacation outright.

What type of “dream” vacation did you have in mind? We spent 28 days in Europe for less than $5,000. using points alone on our credit cards. Are you thinking 5 days-10 days, a month? Where are you wanting to go, what are you wanting to do?

A “Dream Vacation” means different things to different people. It might help to focus on the vacation part to get ideas on spending less, rather than the loan part.

[budgetsaver]

Wow! 25 years! That is amazing.

I am sure that having been together for 25 years, you will be able to think up a great vacation. Anyway, what a lot of my friends would do months before they go on vacation is to clean out their credit cards. When they go on vacation, they just use their cards and of course some cash.

When they get back from their vacation, they just slowly pay off their credit cards. I think that is a good idea to enjoy your vacation.

[Author]

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