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Traveling with debt?

Travel Forums General Talk Traveling with debt?

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11. Posted by aroundtrip (Budding Member 6 posts) 9y Star this if you like it!


[ Edit: Edited on Aug 8, 2008, at 6:31 AM by aroundtrip ]

12. Posted by aroundtrip (Budding Member 6 posts) 9y Star this if you like it!

Errrr, 0% interest credit card....If I was you, I'd delay the trip for 3 months, transfer the debt to an interest free credit card, save and work like crazy so you have the min amount to pay each month and go and have a great time! your debt will be waiting for you when you get back to deal with.

13. Posted by fabbman (Budding Member 16 posts) 9y Star this if you like it!

Quoting CarlG

Ok im planning to save about £3000 for a trip to asia, hoping to leave early next year. Probnlem i I also have about £3000 of debt, does anyone no if there is anyway to put debt on hold for say 8 months and then start paying it off again when I get back? Its all on credit cards byt the way!

Hi there,

Heard of Balance transfers?? YOu could always grab a 0% deal for say 15mths, you will incur say a 3% fee but you will have no interesting being charged for 15 mths. Just make sure you pay minimum payment each month by direct debit.

14. Posted by nics26 (Budding Member 55 posts) 9y Star this if you like it!

Ok heres me ... Im 28, £6,500 worth of debt, no savings and RWT booked for April 09!

My plan? ... work work work and more work, i have a well paid full time job (ie. 42 hr week) and im currently looking for part time evening work doing ANYTHING!!!

In Sept of 06 I owed £22,000 and I've somehow managed to get it down to the above amount so I know that I WILL without doubt clear my debt ... even if it means selling my body (ok maybe not!) lol.

I plan to sell my car which currently drains my bank acc and I'll lease (I've looked into this already and it's very cost effective for me) up until April, this alone will free up at least £300 per month for me plus when I get evening work this will be my travel savings, and my current jobs wages will be to clear the debt.

I could never enjoy my travels knowing I owe money back home, for me it's just not worth it. I love the thought that when I return home (whenever that may be!!!) I'll be debt free and I'll keep it that way as no debt means much more opportunities which equals much more travel in the future!!!!!!

So my advice would be for your own sake work your butt off till your clear, then enjoy.... it is possible to travel on next to nothing if you can work as you go, I'd love to be in the position your in with the choice of what to do with my savings and I know what my choice would be!!!!

Good Luck x

15. Posted by samsara_ (Travel Guru 5353 posts) 9y Star this if you like it!

Hi Carl,

I would highly recommend getting a second job for a few months. Okay, so it will eat into your free time (but that's means you'll be socialising less, spending less). With a bit of effort for just a few months, you should be able to pay off your debt (or even a chunk of it) and still be able to travel with some money.

One obvious question i suppose is how long do you plan on travelling in Asia? That's a factor in helping you decide what to do. If you're just planning a short trip, then i'd say you dont have too much to worry about, just keep making your minimum payments and deal with the rest of the debt when you get back.

However, if you're hoping to travel for 1 year+ then I would really encourage to try and hit the road debt free. Clearing your debts is such a relief. Even if you feel like you are leaving with less money, it will be worth it. Clear the debts, save some money to head off (and dont forget your GBP will go a long way in South East Asia), and then towards the end of your trip if you find that you are running out of funds, then maybe you could use your credit cards to fund the end of your travels and get you home, leaving you with just a small amount of debt to deal with when you get back.

I had the choice last year of continuing to travel on my credit cards (and I had about €6,000 of credit to play around with) or I could go home. In the end, I felt it just wasn't worth it to rack up that kind of debt so I decided against further travel. i'm glad now. It's such a great feeling knowing that you dont owe the bank any money.

If you just can't wait and you have to go, then I'd agree with the poster who suggested looking at work in Australia. They have a skilled migrant list there, and they are looking for all sorts of professionals to work - maybe you would pick up work easily there? English teaching is very well paid in Japan and Korea, and you can definitely make enough to live on and save as well, so that's another option to consider.

Good luck - I hope you get on your way next year. ;)

Post 16 was removed by a moderator
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