Using the purchase now, pay later loans to concert tickets

A lot of Americans used to smash big purchases Buy now, pay later loans – including tickets on Concerts and other live events.

Going to the concert is not cheap: Excursions by major artists Including Taylor Swift, Biones and Coldplay have partially pushed ticket prices for live events in recent years, economists are called “Funftfation“

According to the latest labor statistics, the entry fees, theaters and concerts increased by 3.9% images. And while the Federal Trade Commission changed the rule in May Prices for tickets Experts say more transparently that this step will not make the expenses reduce.

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Almost a quarter, 23%, respondents in New Survey from Lendingtree They said they used the purchase now, to pay later for the costs for a concert or festival.

Among the young generations, the rate of 37% of the Z and 35% of millennia claims that they have used loans for these purposes. The site is determined by Gen Z as adults between the ages of 18 and 28, and the millennium as an age from 29 to 44.

For comparison, 19% Gen Xers, which defines the site between the ages of 45 and 60 – stated that they used the purchase now, paying loans for concerts later, and 3% of children’s boomers, those between the ages of 61 and 79.

Lendingtree said 2,050 adults were interviewed in mid -June. Of these, 1047 said they plan to attend a concert or festival in the summer or fall.

It is not unusual to see how the Gen Zers and Millennials are using the purchase now, pays loans later, said Matt Schultz, the main credit analyst LENDINGTREE.

Young Americans are most familiar since Payment formand their use concerts and festivals He talks about the “time of life” in which they are, he said.

“The part of the reason I was in the credit card debt in the 20th was because I was going to concerts and seeing my favorite bands,” Schultz said.

If concerts and other live events are important for you, he said, the cost of your budget and create a savings fund with them.

“Apply money in your budget as your”Foundation Bionse“Or your”Taylor Swift FundSchultz said.

If you need to stretch the costs of attending a concert, here’s what you can know about buying now, pay later loans compared to credit cards.

Loans have become a popular option Because they allow consumers to spread the total cost per short time, often without interest, said Greg MacBared, Bankrate Chief Financial Analyst.

However, the payment form has developed to the fact that not everyone is buying now, payments are paying “shrinking from one form,” he said.

Most plans consist of four installments, but others have longer repayment conditions. Those can charge the annual interest rate or interest up to 36% In the hall to nerdwallet.

Some plans also charge for late or transferred payments that can cost up to $ 15 or even 25% of the purchase price, Nerdwallet reports.

Experts say credit cards can be more expensive than buy, pay later, but they have other benefits.

As some buy now, pay later plans, credit cards charges untimely fees and interest on unpaid residues. While some cards offer new card owners short interest on purchases, the average interest rate on the credit card there is A little over 20%According to Bankrate.

But most cards usually offer security funds that you cannot get from the purchase now, pays later, Macbared said.

“Credit card payment can facilitate the refund if the concert is canceled,” he said.

Some cards offer rewards such as cash return, scores or miles on purchases. About 65% of those planning to attend a concert or festival this year said they would use a credit card awards to help pay their expenses, the Lendingtree said.