Financial advisor shares tips for avoiding debt on summer vacation as travel costs rise

MILWAUKEE (CBS 58) -- With jet fuel costs up sharply this year and airfare expected to follow, nearly half of Americans planning a summer trip that requires a flight or paid lodging expect to spend close to $4,000, according to financial advisor Tony Drake of Drake & Associates.

Drake joined us on Friday, June 12 with tips for keeping vacation costs in check.

He recommended building a detailed budget before booking, carrying only your daily spending allotment in cash and reserving credit cards for emergencies. He also mentioned that the average credit card interest rate is nearly 24%, and that a third of Americans who put last summer's travel on credit cards are still paying them off.

For those who can't afford a trip, Drake suggested a staycation, time off from work to visit a local state park or try a new restaurant, as a cost-effective alternative.