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☆ Fires Burning at ‘Full Tilt’ Across the Western U.S. Stretch Resources
▼ + stars: | 2024-07-31 | by ( Rachel Nostrant | ) www.nytimes.com time to read: +1 min

It took only a week for the Park fire north of Sacramento to grow into the fifth-largest in California history, signaling the potential for a destructive wildfire season across much of the Western United States. Almost 50 other large or notable fires were burning throughout the region on Wednesday, according to a New York Times tracker. Although this year doesn’t yet compare to 2020, the most destructive wildfire season of the last two decades, the sheer number of fires currently burning in Western states — both big and small — has threatened to overwhelm firefighting resources at a rate that worries experts so early in the season. “Normally we’re ramping up in July to get to that peak in August, early September,” said Alex Robertson, director of fire and aviation management for the U.S. Forest Service. But this year, he said, “we’re going into August already at our full tilt.”At least one person was killed this week by a wildfire burning near Denver, and a historic mining town was leveled near Bakersfield, Calif. More than half a million acres of the Western United States have burned in the past week, according to the Times wildfire tracker.

Persons: —, ”, Alex Robertson, “ we’re Organizations: Western, New York Times, U.S . Forest Service Locations: Sacramento, California, Western United States, Denver, Bakersfield , Calif

☆ Want to work for Blackstone straight out of college? Here's the best route.
▼ + stars: | 2024-07-31 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +12 min

This year, Blackstone hosted more than 150 summer interns, including summer associates who tend to come from business or law school, as well as the undergrads who make up its summer analyst program. AdvertisementCheck out our exclusive deep dive into Blackstone's 10-week-long summer analyst program below. How competitive is Blackstone's summer analyst internship program? AdvertisementA group photo of Blackstone's summer analyst class during orientation. Gray recently addressed what leads to success at Blackstone in a speech to the 2024 summer analyst class, which was posted on Linkedin.

Persons: —, Blackstone, Jon Gray, Paige Ross, Blackstone's, Blackstone Blackstone, Taylor Kanfer, Kanfer, Mr Stone, Steve Schwarzman, they're, Ross, Goldman Sachs, There's, decamp, they'll, Gray, Kleiner Perkins, Chan Zuckerberg Organizations: Service, Harvard, Business, BI, University of Pennsylvania, Diverse, Blackstone, Investment, Linkedin, LinkedIn, Goldman, Barclays Locations: York, New York, Wayne , Pennsylvania, Miami, Asia, Africa

☆ Americans aren't spending like they used to, and it's forcing a reckoning for companies from Starbucks to Whirlpool
▼ + stars: | 2024-07-31 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +7 min

Read previewShoppers are slowing down spending on everything from burgers to dishwashers, and that's bad news for a growing number of companies. While inflation has since cooled, Americans are still stuck with higher prices for many of the things they buy. Shoppers are slowing down food spending — even at grocery storesThe spending slowdown has hit restaurant chains, which have launched new deals to get customers in the door. Over the past two years, income growth has helped consumer spending beat expectations, Jefferies analyst Corey Tarlowe said in a note on Monday. One bright spot in consumer spending: Cruises, which are seeing record demand.

Persons: —, McDonald's, Burger, Taco, Jefferies, ETIENNE LAURENT, Laxman Narasimhan, It's, Dirk Van de, Van de, Andrew M, Watterson, Michael Liersch, Wells, Corey Tarlowe, Horacio Villalobos, dreuter@businessinsider.com Organizations: Service, PepsiCo, UPS, Business, Shoppers, Burger King, Taco Bell, Starbucks, Getty, Walmart, Bureau of Labor Statistics, Unilever, Whirlpool, Airlines, Jefferies, Costco Locations: Pellegrino, North America

☆ Stocks making the biggest moves after hours: Meta Platforms, Qualcomm, Arm Holdings and more
▼ + stars: | 2024-07-31 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Meta Platforms topped revenue and earnings expectations for the recent quarter, posting earnings of $5.16 per share on $39.07 billion in revenue. Qualcomm posted adjusted earnings of $2.33 per share on $9.39 billion in adjusted revenue. Arm forecast adjusted earnings ranging between 23 cents and 27 cents per share for the fiscal second quarter , while analysts called for 27 cents, per LSEG. Kyndryl Holdings posted revenue of $3.74 billion, falling short of the $3.79 billion expected by analysts surveyed by LSEG. Adjusted earnings topped estimates, while revenue came up short of the $4.53 billion expected by analysts polled by LSEG.

Persons: Teladoc, LSEG, Etsy, Lam, C.H, Robinson, —, Alex Harring, Lisa Han, Jesse Pound, Darla Mercado Organizations: Qualcomm, Arm Holdings, Revenue, Cheesecake Factory, eBay, EBay, Western Digital, Lam Research, MGM Resorts, LSEG, Holdings, IBM, Kyndryl Holdings Locations: FactSet

☆ That $5 McDonald's value deal might not be cheap enough
▼ + stars: | 2024-07-31 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

McDonald's said it got an early boost from its $5 meal deal promotion. But fast-food chains need more than limited-time offers to get diners back, an analyst said. Other restaurant chains, such as Taco Bell, have come out with revised permanent value menus lately. After annual double-digit price increases at many fast-food chains over the past couple of years, companies are now offering some discounts. On Monday, for example, McDonald's pointed to some early success with its latest value meal offering: A $5 meal that it initially planned to sell for a month starting at the end of June.

Persons: McDonald's, Taco Bell, — Organizations: Service, Business

☆ José Torres Gil makes BMX history for Argentina during ‘best final ever’ at Paris Olympics
▼ + stars: | 2024-07-31 | by ( George Ramsay | ) edition.cnn.com time to read: +5 min

Place de la Concorde, Paris CNN —Triumph and tragedy are everywhere you look at the Olympics, and the men’s BMX park final on Wednesday had a surfeit of both. Martin crashed on both of his runs, his title defense wilting in the Paris heat, while Jeanjean recovered superbly on his second run to take a hard-earned bronze medal. As for the triumph, take José Torres Gil, the Argentinian rider who won his country’s first individual gold medal in a cycling discipline with a stunning initial score of 94.82. Great Britain’s Keiran Reilly took silver after packing trick after trick into his second run, hauling himself above Jeanjean with the final act of the competition. “It’s not easy at all when you’ve been training day-in, day-out for a year and you fall on the first trick, the first run,” Jeanjean said.

Persons: – Australia’s, Logan Martin, France’s, Anthony Jeanjean –, Martin, Jeanjean, José Torres Gil, “, ”, Torres Gil, Britain’s Keiran Reilly, Anthony Jeanjean, Markus Gilliar, Torres, –, that’s, Kieran Reilly, Alex Broadway, you’ve, ” Jeanjean, ” Torres, Reilly, Marcus Christopher, Justin Dowell Organizations: Concorde, Paris CNN —, Olympics, Urban Sports, Tokyo Olympics, Frenchman, Games, Getty, Pan American Locations: Paris, sprawled, Europe, Tokyo, American

☆ Jim Cramer: Merck is a buy after the drugmaker's post-earnings dip — here's why
▼ + stars: | 2024-07-30 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Merck : The drugmaker reported a better-than-expected quarter. It raised its full-year sales outlook but was still a little short of estimates. Jim Cramer said Tuesday he would take advantage of the dip and buy Merck ahead of the benefit from this drug. Pfizer : Better-than-expected sales and adjusted earnings, as well as a full-year outlook raise, were not enough to keep the stock higher. PayPal : The digital payments company reported a better-than-expected quarter.

Persons: Jim Cramer's, Jim Cramer, Cramer, Alex Chriss, Anthony Noto Organizations: CNBC, Club, Merck, FDA, Pfizer, PayPal, Aerospace

☆ Stocks making the biggest moves after hours: Microsoft, Arista Networks, Advanced Micro Devices, Starbucks and more
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Arista Networks — The computer networking company added nearly 3% after beating Wall Street expectations on both lines in the second quarter. Arista posted adjusted earnings of $2.10 per share on $1.69 billion in revenue, while analysts polled by LSEG predicted $1.95 in earnings per share and $1.65 billion in revenue. Pinterest issued disappointing guidance for third-quarter revenue, giving a range of $885 million to $900 million and missing analysts' expectations. In its fiscal third quarter, Starbucks posted adjusted earnings of 93 cents per share, meeting expectations of analysts polled by LSEG. In the fiscal third quarter, Skyworks' adjusted earnings came in at $1.21 per share, in line with analysts' expectations, per LSEG.

Persons: LSEG, Pinterest, Mondelez, —, Darla Mercado, Jesse Pound, Pia Singh, Sarah Min Organizations: Microsoft, AMD, Arista Networks, Arista, Starbucks, LSEG, Revenue, Caesars Entertainment, Caesars, Western Union, FactSet, Entertainment, Ticketmaster, LSEG . Revenue Locations: Informatica, FactSet .

Analyst Alex Henderson reiterated his buy rating for the cybersecurity firm but lowered his price target to $375 from $425. JPMorgan analyst Kenneth Worthington attributed a higher assumption for total crypto market cap as one reason for his price target raise. "We see the cryptoecosystem in the midst of a material participation rally, benefitting Coinbase revenue generation near term," the analyst wrote. Analyst Eric Joseph's December 2025 price target of $8 implies a 51% decline ahead for the stock. He also maintained his $725 price target, which implies upside of 15.6% from Monday's close.

Persons: Oppenheimer, Needham, Alex Henderson, CrowdStrike, Henderson, Lisa Kailai Han, Keefe, Bruyette, Meyer Shields, Shields, — Lisa Kailai Han, Kenneth Worthington, JPMorgan downgrades, Eric Joseph's, Joseph, Chipmaker, Simon Coles, Coles, Jason Helfstein, NFLX, Fred Imbert Organizations: CNBC, Barclays, Netflix, Security, Aon, JPMorgan, Sanofi Locations: Woods, Coinbase, China, Monday's

☆ S&P 500 futures are little changed as Wall Street awaits Fed decision: Live updates
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

S&P 500 futures are near flat Tuesday night as investors parsed the latest earnings reports and readied for the Federal Reserve monetary policy decision coming Wednesday afternoon. Futures tied to the broad index lost 0.1%, while Nasdaq 100 futures ticked higher by 0.2%. Fed funds futures are pricing in a strong likelihood that central bankers will keep rates steady at the 5.25% to 5.5% range, according to CME's FedWatch Tool. The S&P 500 and Nasdaq are tracking to end July down 0.4% and 3.3%, respectively. The Dow and Russell 2000 are slated to finish the month higher by more than 4% and 9%, respectively.

Persons: Dow, Russell, Jerome Powell, CME's, Powell, Bryce Doty Organizations: New York Stock Exchange, Federal Reserve, Nasdaq, Dow Jones, Microsoft, Sit Investment, Fed, Boeing, Albemarle, Qualcomm, Etsy

☆ Stocks making the biggest moves premarket: CrowdStrike, Merck, PayPal, JetBlue and more
▼ + stars: | 2024-07-30 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

Revenue of $695 million was also higher than the $686 million expected. Adjusted earnings of 5 cents per share topped the loss of 2 cents per share forecasted by analysts polled by FactSet. Additionally, Howmet increased its quarterly dividend to 8 cents per share from 5 cents per share, to be payable Aug. 26. JetBlue — Shares jumped 4% after the airline said adjusted earnings per share was 8 cents for the second quarter. Analysts expected a profit of $2.80 per share on revenue of $1.18 billion, according to StreetAccount.

Persons: Woodward, FactSet, LSEG, Archer, Gamble —, Leidos, StreetAccount, — CNBC's Michelle Fox, Hakyung Kim, Lisa Kailai Han, Alex Harring, Jesse Pound, Fred Imbert, John Melloy Organizations: CNBC, Delta Airlines, Microsoft, FactSet, Inc, —, Technology, Merck —, pharma, Semiconductor, Bank of America, Pfizer —, Pfizer, Varonis Systems, Howmet Aerospace, Corning, LSEG, Daniels, Midland, JetBlue —, Revenue, PayPal —, PayPal, Procter, Gamble, U.S . Pentagon Locations: FactSet .

☆ Stocks making the biggest moves midday: JetBlue, Sprouts Farmers Market, Varonis Systems and more
▼ + stars: | 2024-07-30 | by ( Sean Conlon | ) www.cnbc.com time to read: +6 min

Check out the companies making headlines in midday trading: JetBlue — The airline soared almost 20% after reporting second-quarter earnings that beat analysts' expectations . The Phoenix-based grocery chain also raised its full-year earnings guidance, forecasting revenue rising between 9% and 10%, compared to analysts' 8.2% consensus growth estimate. Revenue of $695 million was higher than the $686 million analysts has estimated. Lattice Semiconductor — Shares pulled back 8.5% after second-quarter earnings and current-quarter revenue guidance came in below expectations. Howmet Aerospace — The aerospace manufacturer rallied 14% after second-quarter earnings and revenue beat Wall Street estimates.

Persons: Varonis, Woodward, FactSet, LSEG, Howmet, Corning, Gamble —, Stanley Black, Decker, —, Alex Harring, Samantha Subin, Lisa Kailai Han, Hakyung Kim Organizations: JetBlue —, New, Revenue, Systems, FactSet, Inc, —, Technology, Semiconductor, Bank of America, CNBC, Delta Air Lines, Microsoft, Merck, Howmet Aerospace, Wall, PayPal, LSEG, Procter, Technologies Locations: New York City, LSEG, New Jersey, Cincinnati, Connecticut

☆ U.S. women’s rugby wins first Olympic medal with thrilling last-second try
▼ + stars: | 2024-07-30 | by ( Matthew Futterman | ) www.nytimes.com time to read: +1 min

SAINT-DENIS, France — With a 90-yard run as the final seconds ticked off the clock, Alex Sedrick and Team USA’s women’s Eagles rugby team snatched the bronze medal off the necks of a heavily-favored Australian team to deliver America its first Olympic medal in rugby sevens. Then the green and gold pinned the Americans deep in their own end, inching them backward as the final seconds ticked off the clock. AdvertisementBut then Sedrick got possession in the middle of the field and burst through a hole in the Aussie defense. In an instant, Sedrick was off on 90-yard sprint down the grass, that finished with her running through the uprights. But in a game with just 14 players on a massive field, anything can happen, and in the final seconds against the Aussies, Sedrick made sure it did.

Persons: DENIS, Alex Sedrick, USA’s, Sedrick, Michael Steele Organizations: USA’s women’s Eagles rugby, Eagles, Australians, Aussie, Zealand Locations: France

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. Berkshire Hathaway's selling streak in its big Bank of America stake has extended to nine straight days, suggesting that Warren Buffett is not just trimming the longtime holding. The Omaha-based conglomerate sold a total of 18.4 million shares of the bank from Thursday to Monday for $767 million at an average price of $41.65, a new regulatory filing late Monday revealed. Over the past nine trading sessions, Berkshire has cut its stake by 71.2 million shares with just over $3 billion of sales. After the selling spree, Berkshire still owns 961.6 million shares of BofA with a market value of $39.5 billion.

Persons: Warren Buffett Organizations: Berkshire, of America, Apple, Express Locations: Omaha , Nebraska, Omaha, Berkshire

☆ How major markets typically perform in the 100 days before a presidential election
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Even with election uncertainty, the market typically moves higher in the 100 days leading up to a presidential vote — but it may be a volatile ride to get there. The so-called fear gauge usually declines in the first 20 trading days of the 100-day runup to the election, but typically works higher in the 45-, 60-, 65- and 70 days before election day. The VIX has been higher 6 of the last 8 election years during the closely-watched, 100-day period. Oil prices usually see upward pressure through October, before feeling some weakness in the final weeks before voters cast ballots. In the run up to October, oil prices typically see more of a boost when a Democrat is the sitting president.

Persons: Paul Ciana Organizations: Bank of America, ICE, Democrat, Overseas Locations: U.S

☆ Fundstrat's Tom Lee makes another bold call, calling for big rally post-Fed
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Fundstrat's Tom Lee is out with his next eye-popping prediction — and it implies good news for the market in the coming days. "In short, we see a risk-on rally starting Wed that could add +100 points to the S & P 500," he told clients. Lee said investors should expect a gain of at least 6% for small caps during this run alone. "We still see this as the 'summer of small caps' so our preference is to be buying," he said. A rise of 5% would propel the S & P 500 to a new all-time intraday high, topping the record set earlier this month.

Persons: Fundstrat's Tom Lee, Lee, Russell, CME's Organizations: Federal Reserve

☆ How to Teach a Horse to Dance
▼ + stars: | 2024-07-30 | by ( Alex Marshall | Photographs | ) www.nytimes.com time to read: 1 min

Popularly known as “horse dancing,” dressage involves riders directing their horses to perform a series of moves, including pirouettes, that are thought to have military origins. This year the sport has been in the headlines for all the wrong reasons. Last week, a video emerged of a star rider whipping a horse repeatedly during training. Dressage isn’t meant to be about forcing horses to perform; it should be a showcase for how riders and their steeds can come together. And despite requiring a huge amount of practice and strength, it’s meant to look effortless.

Organizations: Paris

☆ We visited a Rite Aid store. The empty shelves made us wonder about the chain's future.
▼ + stars: | 2024-07-29 | by ( Jordan Hart | Alex Bitter | ) www.businessinsider.com time to read: +4 min

Business Insider visited a Rite Aid store in the Crown Heights neighborhood of Brooklyn, New York, over nearly three months. It was difficult to find hair care and hygiene products at this Brooklyn Rite Aid location. The empty shelves at Rite Aid look like they've remained that way weeks after our first visits. Rite Aid is one of several store chains closing locations this year, alongside Family Dollar and Conn's. Do you work at Rite Aid and have a story idea or details on your store to share?

Persons: —, Jordan Hart, Coke, they've, There's, Walgreen, abitter@businessinsider.com Organizations: Service, Business, Rite Aid, Brooklyn Rite, Brooklyn Rite Aid, BI Locations: Crown, Brooklyn , New York, Brooklyn

☆ Simone Biles' husband, Jonathan Owens, is missing training camp to watch his wife at the Olympics. Here's a timeline of their 4-year relationship.
▼ + stars: | 2024-07-29 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +14 min

AdvertisementA post shared by Simone Biles (@simonebiles)Two days later, Biles posted about watching Owens play with the Texans before the couple celebrated the new year together. March 2023: Biles and Owens reveal that they're building a house together"cheers to breaking ground," Biles wrote. AdvertisementNovember 2023: Biles attends a Packers game in Green BayBiles has attended multiple football games to support her husband. December 2023: Biles and Owens appear on 'The Pivot,' and Owens is later criticized for some of his commentsOwens and Biles attended a basketball game together. Biles posted an Instagram of the two captioned "mood," while Owens posted, "Unbothered.

Persons: —, Simone Biles, Jonathan Owens, Owens, Biles, Instagram, Craig Barritt, he'd, Jonathan Owens 🏈, Jo, ike, ," he, ove, abou, ove on I, alon, Bil, Owen, Simo, "I, ivo, thing was, my f, 'Wh, ari, Matt Eber f Organizations: Service, Raya, Business, SK, Texas, Wall Street, uts, ard, isl, SA Locations: Paris, City of, Instagram, Tokyo, Raya, Houston, Texas, Adria, ife

☆ DoorDash is delivering for Lowe's, Ulta, and other retailers, and it's making UPS and FedEx nervous
▼ + stars: | 2024-07-29 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

DoorDash and other services continue to strike last-mile delivery deals with retailers. That represents a challenge for traditional delivery services like UPS and FedEx, one analyst says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe range of items you can get delivered from services like DoorDash is getting wider — and that's a challenge for established delivery services like UPS and FedEx. So far this year, DoorDash has struck deals with Lowe's and Pet Supplies and also expanded its partnership with Ulta Beauty.

Persons: —, DoorDash, Michaels Organizations: Lowe's, UPS, FedEx, Service, Supplies, Ulta, Dollar, Business

☆ 13 sports startups poised to shake up the industry, according to VCs and other top investors
▼ + stars: | 2024-07-29 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +2 min

Bandit is an apparel brand that's tapping into running communities around the worldBandit was cofounded by Tim West, Ardith Singh, and Nick West. Investors include Marc Lore and Alex Rodriguez's VCP Ventures, Bullish, Drive by DraftKings, Joyance Partners, Scrum Ventures, and 458 Capital. Bandit is helping drive this trend and is poised to benefit from it. Founded in 2021 by CEO Nick West, creative director Tim West, and chief design officer Ardith Singh, the company has been tapping into running communities in the US and around the world. It's grown distribution to include two stores in New York, an online shop, and partnerships with specialty retailers globally.

Persons: Tim West, Ardith Singh, Nick West, Joseph Hale, Marc Lore, Alex Rodriguez's VCP, Meredith McPherron, McPherron, Michael Proman Organizations: Investors, Alex Rodriguez's VCP Ventures, Joyance Partners, Scrum Ventures Locations: New York

☆ Stocks making the biggest moves midday: Walt Disney, Dexcom, McDonald's, On Semiconductor and more
▼ + stars: | 2024-07-29 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Revvity — The life sciences company advanced 6% after posting a second-quarter earnings beat. Revvity's adjusted earnings of $1.22 per share topped the FactSet estimate of $1.12 per share. The new Marvel movie topped $200 million at the domestic box office, a record opening weekend for an R-rated film. Second-quarter adjusted earnings per share came in at 96 cents, versus the expected consensus estimate of 92 cents, per FactSet. The stock plunged more than 40% in the previous session after Dexcom reported disappointing second-quarter results and offered weak guidance.

Persons: Tesla, Morgan Stanley, Adam Jonas, Walt Disney, Dexcom, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Jesse Pound, Samantha Subin Organizations: Management, Guggenheim, Ford, Deutsche Bank, Walt Disney —, Marvel, Semiconductor —, Revenue, Dexcom, Health Canada

☆ Bestselling author Brené Brown shares the 2-word exercise she uses to start meetings
▼ + stars: | 2024-07-29 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Sometimes, Brené Brown starts meetings by asking attendees a simple question: How are you feeling, in two words? The two-word version prompts honest answers and encourages people to see each other as humans first, co-workers second, said Brown. Common answers include "anxious" and "tired," or someone describing their mentality as "vacation brain," she added. If someone says they're anxious and overwhelmed during a meeting, for example, Brown said she'll thank them for sharing before moving on to the next person. Then, after the meeting, she'll inquire about how the person is doing.

Persons: Brené Brown, Adam Grant, Simon Sinek, Brown, she'll

☆ A movie theater chain you've likely never heard of is a catch-up trade, according to Benchmark
▼ + stars: | 2024-07-29 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors should snap up beat-down Marcus Corp. shares as the film industry continues rebounding, according to Benchmark. While Marcus stock has slipped more than 13% in 2024, rivals Cinemark and Imax have climbed more than 59% and 36%, respectively. "We believe Marcus offers a compelling catch-up trade," Hickey told clients in a Sunday note. MCS CNK,IMAX YTD mountain Marcus vs. Cinemark and Imax in 2024 Notably, Marcus is much smaller than these other names. Marcus' removal from the S & P 600 and its repurchase of convertible notes also negatively impacted the stock, Hickey said.

Persons: Marcus Corp, Mike Hickey, Marcus, Hickey Organizations: Hollywood Locations: Minnesota, Wisconsin

☆ ‘I don’t have a budget’: Why people are going into debt to travel
▼ + stars: | 2024-07-29 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

The majority of those going into debt do so by charging travel expenses on a credit card, with 20% of respondents saying they would rather skip a credit card payment and put the money toward a vacation. The mindset is “‘I can’t buy a house, I’m not sure I can afford college or grad school, so I might as well go to Spain and backpack. ”They think (credit card debt) is not as risky as it is. They don’t care so much about not getting into debt.”King adds that social media has changed the way many people think about travel. “Eventually, if I’m going to get a house, I’ll get a house.

Persons: CNN — “, ”, Lisa Fraser, “, Elizabeth Currid, Halkett, Tim Gurner, something’s, I’m, ’ ” Alex King, they’re, Fraser, FOMO, King, It’s, I’ll Organizations: CNN, University of Southern, United Locations: Taipei, Budapest, New York, University of Southern California, Spain, Hong Kong

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