More Americans plan to take vacations this summer than a year ago, with five out of 10 planning to travel at least 75 miles from home, according to a study released on Thursday.

That is up 4 percentage points from last year when 46 percent took vacations, U.S. credit counselor Cambridge Credit Counseling Corp. (search) said.

In addition, more American expect to pay for their trips with cash rather using credit cards, the survey said.

Of those planning to travel at least 75 miles from home, only 19 percent will pay with credit cards, down from 23 percent surveyed a year ago, according to the study.

"More Americans have the money to pay for their trips in their bank accounts and don't need to borrow, which is another sign of consumer financial strength compared to last year," Jordan Goodman, a Cambridge financial analyst, said in a statement.

According to the index, 74 percent of vacationers plan to pay for their trips from checking or savings accounts, up from 68 percent in 2003.

Differences in wealth will have a significant impact on vacation plans, with 70 percent of those earning over $75,000 planning on taking a vacation, while only 39 percent of those earning under $25,000 have vacation plans, Cambridge said.