Fans enjoy Taylor Swift’s performance on August 7, 2023 at Sofi Stadium in Inglewood, California.
All J. Schaben | Los Angeles Times | Getty Images
Many Americans have become accustomed to Buy now and pay the loan later – Including tickets Concerts and other live events.
Going to a live concert is not cheap: A journey to big-name artists Including Taylor Swift, Beyoncé and Coldplay have somehow driven ticket prices for live events to rise in recent years, which trend economists call “exchange. ”
According to the latest Bureau of Labor Statistics number. The Federal Trade Commission changed a rule in May fare More transparently, experts say the move will not reduce costs.
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Almost one-quarter, 23% of respondents Lendingtree’s new investigation Say they have used the purchase now and later pay for a loan for concert or festival fees.
The rate for younger generations is higher, with 37% of Generation Z and 35% of Millennials saying they have used loans for these purposes. The location defines Generation Z as adults aged 18 to 28 and millennials aged 29 to 44.
By comparison, 19% of Xers defined by the site as adults aged 45 to 60 said they now use the purchase, later pay for the concert loan, followed by 3% of the baby boomers, aged between 61 and 79.
Use your “Beyoncé Fund” or your “Taylor Swift Fund” as the money in your budget.
Matt Schultz
Lendingtree’s Chief Credit Analyst
Lendingtree said it surveyed 2,050 adults in the U.S. in mid-June. Of these, 1,047 said they plan to attend concerts or festivals in the summer or fall.
It is not uncommon to see Zers and millennials now using purchased millennials.
Young Americans are most familiar and Payment Formand their use of this Concerts and festivals He said, talking about the “in life” they are in.
“Part of the reason I ended up with credit card debt in my 20s was because I was going to concerts and see my favorite band,” Schultz said.
If concerts and other live events are important to you, he said, put these expenses into your budget and keep their savings in mind.
“Make money as money in your budgetBeyoncé Fund‘Or yours’Taylor Swift Fund,” Schultz said.
If you do need to extend the cost of attending a concert, you can now know how to buy and pay for your loan later with your credit card.
Not everyone buys it now, the future plans are the same
Beyoncé performed at the Renaissance World Tour on September 1, 2023 at Sofi Stadium, Inglewood, California.
Kevin Mazul | Wire Diagram | Getty Images
Experts say that buying now, future payment plans have certain advantages, but they may not offer the same protection as credit cards, especially if there is a problem with the concert or live event.
Loans become a popular choice Bankrate chief financial analyst Greg McBride said because they allow consumers to allocate the total cost to installments in a short period of time, which is usually not interested.
However, the form of payment has evolved to the point where not all purchases are now, and future payment plans are “deleted from the same mold”.
Most plans include four installments, but other plans have longer repayment terms. These may charge rates of annual percentage or interest up to 36%, according to Go to Nerdwallet.
Nerdwallet said some plans also charge delayed or rescheduled payment fees that can cost up to 15% or even 25% of the purchase value.
Experts say credit cards may be more expensive than they are now, but they have other advantages.
Like people who buy now, pay for future plans, credit cards Charge late fees and interest on unpaid balances. While some cards offer short free interest offers for new cardholders, the average credit card interest rate is More than 20%according to Bankrate.
But most cards usually offer purchase protections that you may not get from your purchase now, McBride says, later payment plans.
“Paying with a credit card can make it easier for you to get a concert if it is cancelled,” he said.
Some cards offer rewards such as cash back, points, or miles purchase. According to a report by Lendingtree, about 65% of people planning to attend concerts or festivals this year said they will use credit card rewards to help pay for the fees.
