I think a cliche like "traveling the world" can mean a lot of different things to different people.
Exactly. To me, it sounds like going on vacation. Growing up in the projects, no way would we have thought that "traveling the world" was an option, unless one was referring to the navy. And, no, I didn't have a credit card, never mind one with a 12K line of credit, so that wasn't an option.
Now the OP mentions East Asian Studies, and if what the person in question really intends to do is visit Japan (say) and work toward mastering the language, living in that culture, then that is a totally different story, IMHO. And would seem to make one a stronger candidate for grad school.