News Release

Contact Information

FOR IMMEDIATE RELEASE June 17, 2003

Contact Rebecca Reid at 202-342-2922

Ready for Vacation?

Americans for Consumer Education and Competition Offers Vacation Budget Advice

Washington, D.C. (November 9, 2004) – A recent poll shows most consumers appreciate receiving a card for the holidays or their birthday – a gift card – that is, and they fear that the trend toward regulating the plastic wallet-sized gifts will limit the variety in card options now available and possibly increase the cost.

"Most of us are aware of the popularity of gift cards, clearly seen in the rising number of consumers who love both purchasing and receiving them," said Susan Molinari, National Chairperson for Americans for Consumer Education and Competition (ACEC). "ACEC wanted to get to the heart of the matter on the regulation movement afoot in several states to see what consumers think about the possible impact on their freedom of choice. The survey results speak for themselves."

WASHINGTON, D.C. (June 17, 2003) – By this time of year, everyone is ready for a well-deserved break. Whether your vacation itinerary includes foreign or domestic travel, it’s wise to plan ahead to ensure smooth sailing. And while many people have planned well in advance, lining up the best rates on airfare, car rentals and hotel reservations, they may have omitted one important factor – how they plan on paying for their vacation.

Susan Molinari, national chairperson of Americans for Consumer Education and Competition (ACEC), an advocacy group fostering consumer education and financial literacy, stresses that payment planning is as essential to a successful vacation as choosing the right resort. “Many people get so wrapped up in the excitement of an exotic trip that they forget to budget wisely for it,” she said. “Setting a budget – and sticking to it are critical.”

So what’s the best way to stick to your vacation budget? Molinari suggests using a debit card. “Since debit cards are tied to a person’s checking account, it provides discipline. The bottom line is that you can only spend what you’ve got with debit cards, which will help people avoid going into debt during vacation.”

Debit cards offer other advantages to travelers as well. Besides “paying as you go,” debit cards are accepted at many hotels, stores, and restaurants in both the United States and in other countries. Plus, debit cards are safer than carrying a lot of cash. In addition, they’re more convenient and easier to use than traveler’s checks.

For overseas travelers, another advantage is that exchange rates will usually be favorable since companies that issue debit cards have already negotiated wholesale rates from the major banks.

One final benefit of using a debit card on vacation is the protection people gain against unauthorized use. After all, anyone can spend lost or stolen cash, but if a debit card is lost or stolen, the consumer is generally protected against fraudulent use. However, since policies vary among financial institutions, be sure to check with the one that issued the card to understand its policies.

So by all means, go ahead and enjoy that vacation you’ve earned. Just remember to plan ahead, negotiate the best rates, and stick to your budget by using your debit card!

For more information on the benefits of debit cards, visit ACEC’s web site at www.acecusa.org.

FOR MORE INFORMATION, CONTACT:

Rebecca Reid
Executive Director
Americans for Consumer Education & Competition
202-342-2922
Cell: 410-212-3843