LendingTree survey - 45% of Disney-Going Parents With Young Children Have Gone Into Debt for Trip

[Sirwalterraleigh]

I don’t disagree that some crave Disney trips. They enjoy the parks , experiences not found elsewhere. But that wasn’t what I got from his post.” Going into debt for the same trip”… They can be very different.
I crave Big Macs but I don’t have to dine on them every day. I know what doing that meal over and over will do to me. Don’t blame Dis entirely because they are expensive and good at promoting their parks.

Shades of grey…my friend

“We didn’t go to chef mickeys this town…we went to 1900 park fare!”


“This time we decided to go the Christmas party since we already did MNNSSSHHPSQRP”


we all like Disney trips…no argument

But is it ever an idea to put meals on credit?
Even that “convenient” dining plan of no particular value

 

[Sirwalterraleigh]

Numbers will vary, but that example points out that financing a vacation might make it only 5.61% more expensive, which is probably reasonable for most people.

It can be a slippery slope though.

People see that relatively "small" monthly interest fee as manageable. I used a line of credit to pay off a car loan easier and I think I paid $100 or so a month when it was in the $10,000 range.

That feels like a small price to pay to have access to those kinds of funds, but people don't realize how it adds up over time or the impact of having to pay down a debt every month.

It made sense for me just to manage a large purchase but I'd be hesitant to finance a vacation that way.

Also that number stated $1900 borrowed…that’s ON TOP of the other $5000 you gotta pay to get to Orlando…
Which would impede your ability to pay the borrowed cost off…as life also often does

 

[John park hopper]

"The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.May 29, 2024"

I would have thought it would be much higher with the cost of home mortgages

 

[JIMINYCR]

Like the San Fernando valley Adam and Eve?

Now that worth going into debt for… if your spouse likes to play those games.

 

[jloucks]

It made sense for me just to manage a large purchase but I'd be hesitant to finance a vacation that way.

Right? Managing a necessity (car loan) makes sense. Luxury? Not so much.

Vacations are luxuries (not textbook definition, but mentality-wise) and as such paying interest on them is kinda bad.

...but I also agree, a couple hundred in interest if you are desperate to go right now, I get it. I spend that much a night on drinks in vegas, and that is way less fun than WDW.

 

[jloucks]

"The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.May 29, 2024"

I would have thought it would be much higher with the cost of home mortgages

It will get much higher as the kids start buying overpriced houses.

...if they can buy houses. There is a stranglehold on that wealth right now.

 

[Sirwalterraleigh]

Now that worth going into debt for… if your spouse likes to play those games.

Depends on how often they get to the gym, doesn’t it?

I spend that much a night on drinks in vegas, and that is way less fun than WDW.

…you may not be doing it correctly


…I’ll see myself out now

 

[monothingie]

…but that bacon was SOOOO GOOOD

Turkey legs, Dole Whips, and Churros.

Get it together man!

I get you one Mai Tai at Tambu Lounge and you go all loopy on me.

 

[Sirwalterraleigh]

...if they can buy houses. There is a stranglehold on that wealth right now.

That’s becoming a mathematical impossibility as each day goes buy.

Quietly a couple decades ago…parents started taking on the cost of higher ed…

Now they’ll have to do the same for housing

X and Y are gonna collapse under leverage

But don’t worry…I’m sure the kids will be able to handle it

 

[Sirwalterraleigh]

Turkey legs, Dole Whips, and Churros.

Get it together man!

I get you one Mai Tai at Tambu Lounge and you go all loopy on me.

I’ve got TWO turkey legs waiting for you, Hoss

 

[StarWarsGirl]

"The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.May 29, 2024"

I would have thought it would be much higher with the cost of home mortgages

That's funny you think millennials can afford mortgages...

 

[StarWarsGirl]

Nice!

My goal is a perfect credit score, but that is proving... elusive.

It might not even be possible?

I'm happy being over 800 especially since I got a new credit card a few months ago. I'm not applying for a mortgage or a car loan any time soon; not terribly worried about it.

 

[John park hopper]

That's funny you think millennials can afford mortgages...

My youngest son married no kids both worthy can afford a mortgage but they are in SC housing is cheaper than the Ne

 

[GhostHost1000]

…but that bacon was SOOOO GOOOD

Mickey waffles are worth at least $100 each right

 

[Sirwalterraleigh]

Mickey waffles are worth at least $100 each right

…did they raise the price of crystal palace again?

 

[GhostHost1000]

…did they raise the price of crystal palace again?

Piglet demanded a raise

 

[Chef Mickey]

The article:

• People go into debt to pay for Disney.
• They go into debt on average $2,000
• They pay it off in 3-6 months.

This thread:

• People go into debt to pay for Disney. YES! THANKS FOR CONFIRMING WHAT I SUSPECTED! I LOVE THIS POLL!!
• They go into debt on average $2,000. NO! YOU'RE WRONG. IT'S MORE! I REJECT YOUR STAT FOR NOT CONFIRMING MY BIAS!
• They pay it off in 3-6 months. NO! YOU'RE WRONG. ALL AMERICANS ARE OVEREXTENDED AND THERE IS A CONSUMER DEBT BUBBLE ABOUT TO COLLAPSE. I REJECT YOUR STAT FOR NOT CONFIRMING MY BIAS!

Oh, I have my concerns about the validity of the poll, too. I tried to find the data analysis.

But if they're only polling a small slice of Americans, namely those who recently took a Disney vacation trip, and are counting credit cards, I can see how they came up with these figures. But I'm not going to wholesale accept nor reject it without other hard data.

I largely dismissed the article in general bc it asked people what the will do in the future and is a survey (unreliable). I don’t need surveys to know Americans are $1.1T in debt and misuse credit cards.

 

[Chef Mickey]

"The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.May 29, 2024"

I would have thought it would be much higher with the cost of home mortgages

Averages aren’t great for telling the story of individuals. “Average net worth” wouldn’t be an indicator of the average person’s net worth.

 

[JMcMahonEsq]

I'm don't want to discuss lifestyle choices, but choosing to go into or further into debt for a vacation is a personal choice with real life consequences.

choosing to go into debt, or hell choosing to expend money even if it is cash on hand and doesn't bring you into debt has real life consequences. The consequence stems from the debt/use of avaibale funds, not the reason for it.

 

[JMcMahonEsq]

Credit card debt is almost never paid off that quickly. The data show that. Promotional rates exist bc people don’t pay off their balances.

Everyone thinking they can “beat” the system are why the system exists.

People with money just pay for stuff. They aren’t juggling 0% promotions and acting like they are financially savvy by timing markets to beat promotional interest rates and paying off balances at the perfect time to maximize returns. Doesn’t happen. It’s a justification for spending money you don’t have.

Now watch all the poor financial decision makers with no money quote me to tell me I’m wrong.

people with money are almost always not just paying for stuff. People with money are generally good credit risks, meaning they have access to preferred credit rates. If I can finance a payment, whether its a house, a car, or a trip, and keep my liquid assets available for investment and better ROI's it would be insane to just pay for stuff.