There’s been a significant downturn in domestic travel reservations for the next three months. One reason? Over $1.3 trillion in consumer credit card debt, with most cards averaging a staggering 21.5% interest.
This problem is compounded by the fact that only about half of Americans pay their credit card bills in full each month, leading to a noticeable rise in delinquencies and defaults.
As a result, more travelers are opting to delay further travel until 2025. With the exception of Thanksgiving, airfares and hotel rates are dropping.