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Debt for Disney
Nearly half of parents go into debt for Disney vacations.
Published June 14, 2024 at 4:44pm by Max Hauptman
Disney Debt-Trap: Parents' Nightmare or Rite of Passage?
A survey by LendingTree reveals a staggering number of parents are going into debt to take their kids to Disney, with concessions and accommodation being the main drivers of excessive spending.
A survey by LendingTree published this week reveals a startling trend: Disney vacations are sending nearly half of parents into debt. The survey found that 24% of all Disney-goers accrue debt, but this figure rises to 45% for parents with children under 18, with an average debt of $1,983.
The main culprit? Overpriced concessions. A whopping 65% of respondents cited food and beverage costs as their biggest expense. This was closely followed by 48% who underestimated transportation costs, and 47% who struggled with accommodation expenses, with a stay at a Disney World resort costing up to $1,079 per night for a family of four.
“For so many parents, taking their kids to Disney is a rite of passage...Because of those feelings, they’re often willing to take on debt to get there.” - Matt Schulz, LendingTree chief credit analyst.
Interestingly, despite the financial strain, 59% of parents expressed no regrets, and 90% stated they were satisfied with their trip. Most respondents (75%) also claimed they could pay off their debt within six months.
The survey highlights a concerning trend of parents willing to take on debt for a Disney experience, with 83% of those in debt having visited a Disney park in the last five years.
Tips to Avoid Disney Debt
LendingTree Chief Credit Analyst, Matt Schulz, offers a key tip to save money:
“One of the best ways to cut costs is to bring your own food and nonalcoholic drinks to the park...packing snacks and refillable water bottles, for example, can make a real difference” - Matt Schulz
Other suggestions include taking advantage of discounts for military personnel, in-state residents, and members of hotel chains, as well as utilizing online rewards for off-site chain restaurants.
For the full survey results and more money-saving tips, visit: LendingTree Disney Debt Survey.
About the Survey:
Conducted by: LendingTree
Sample Size: 2,001 respondents, aged 18-78
For media queries: Max Hauptman, Trending Reporter, USA TODAY (MHauptman@gannett.com)
Read more: Survey: 45% of parents take on debt for Disney vacations but the regrets are few