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

Sirwalterraleigh

Sirwalterraleigh

Premium Member
JMcMahonEsq said:
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.
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People with money let other people’s money work for them when advantageous

I’m not sure 6 month promo financing on a Disney trip or 9.9% on dvc qualifies in that category

It’s more like a futon at rooms to go or a tv at Best Buy
 
J

JMcMahonEsq

Well-Known Member
John park hopper said:
"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
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Almost any data point based upon an average of all American consumers is almost meaningless. You are averaging out and comparing 18-22 year olds in college or just graduating HS, to 30 something out of college with kids and mortgages, to 75yr old retirees with paid off homes and fixed incomes. The study had the data broken down by age range, which is a little more helpful.
 
J

JMcMahonEsq

Well-Known Member
Sirwalterraleigh said:
People with money let other people’s money work for them when advantageous

I’m not sure 6 month promo financing on a Disney trip or 9.9% on dvc qualifies in that category

It’s more like a futon at rooms to go or a tv at Best Buy
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No but people with real money that are using a LoC against equity in other areas are using it almost exclusive for average purchases, vacations, cars, houses, ect.
 
Sirwalterraleigh

Sirwalterraleigh

Premium Member
JMcMahonEsq said:
No but people with real money that are using a LoC against equity in other areas are using it almost exclusive for average purchases, vacations, cars, houses, ect.
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In that scenario they use it as an alternative to “Cash on hand”….which means it’s paid off almost immediately. Not really in the credit cycle in this sense

If it’s for a major purchase and the intent isn’t to pay it off a week later…that’s not a credit card…it’s serving as sub for mortgages, auto, education, construction loans, etc on more favorable terms
 
Dranth

Dranth

Well-Known Member
MisterPenguin said:
Where did $6,500 come from?

According to the poll:
When it comes to how much debt they took on, parents of young children took on an average of $1,983 for Disney — the highest across all demographics. Across all Americans who took on Disney debt, that figure was $1,690. (As of June 2, standard date-based tickets for Disney World guests 10 and older start at $109.00 a day.)​





Also not in the poll:
Most Americans won’t carry their Disney debt for long. For their last trip, 75% of indebted Disney-goers say it would take (or took) six months or less to pay it off. And 32% say it would take specifically three to six months, the most common response.​
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I purposely used a much higher number to illustrate that even with the worst rates out there, paying something off in six months does not add a significant amount to the total.
 
bwr827

bwr827

Well-Known Member
Chef Mickey said:
National credit card data doesn’t agree with 2,000 Disney responders who probably do intend to pay it off, but won’t. Everyone “says” they’ll pay it off. If they did, we would not have $1.1T in credit card debt in America.

“Would take” is not reality.

Or are you trying to argue Americans handle credit cards well? 😆
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Looking at the finer print, seems it’s actually only 307 responders who went into debt visiting Disney.
 
Disstevefan1

Disstevefan1

Well-Known Member
Sirwalterraleigh said:
Pretty much how surveys/polls go

They extrapolate

Hell…there’s probably 307 members here who put their next trip to port orleans with dining plan on the ole Discover card today 🤪
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If you use Discover card to pay for your WDW vacation it will take 43 years to pay it off.

By that time they may be done with the beyond thunder mountain project so might as well change a new trip ;)
 

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