Would You Fund Your Vacation With a Loan?

We all need breaks, and we can agree on that too. But taking a vacation can seem almost insurmountable between a high workload and low savings accounts. You're not out of options yet, though: Meet the travel installment loan.

MarketWatch recently highlighted some unusual efforts by companies working to split your vacation into paid installments. Lender Affirm offers travel booking which you can pay off monthly based on your credit score and whatever promotions they're offering. Interest can go as high as 30 percent, but you also may be able to shrink your costs to the price of a nice dinner for two each month. Affirm also says it presents your total upfront, to save you any surprises.

Personal finance has become both less traditional and more innovative over the last few years. We can fund home ownership through crowdsourcing, save for retirement with escape rooms, and get our employers to pay off our student loans. But that doesn't always mean the wacky new way is the best way, or the most cost-effective. Rather than risk running up more debt, consider paying for travel with a zero-interest credit card. (If you're traveling internationally, make sure you're saving on foreign transaction fees too.) That's just one option, of course. If you have the chance to get away, do whatever you can to take it.