A new study from Lending Tree shows that more parents are going into debt to take their kids to Walt Disney World in Orlando. The study surveyed over 2,000 people and found that 45% of parents with kids under 18 have taken on debt for a Disney trip. This is a big increase from last year when only 18% had Disney-related debt.
On average, parents owed about $1,983 for their Disney trip. Most of the debt came from unexpected food costs, transportation, and lodging expenses.
Despite the high costs, 41% of Disney visitors were able to use discounts on their trip. Many parents said they didn’t regret going into debt for the trip and saw it as a special treat for their kids.
Lending Tree’s Chief Credit Analyst, Matt Schulz, said that parents are willing to go into debt for Disney because it’s a special experience they want to share with their children.
For those who are dealing with Disney debt or any vacation debt, Schulz shared some money-saving tips:
– Save money for trips by putting some of your earnings into a high-interest savings account.
– Shop around for a personal loan if you need one for your trip.
– Spend money on what’s most important to you during your trip.
Schulz explained that everyone’s priorities are different when it comes to a Disney trip. Some may want to splurge on a nice hotel and bring their own meals, while others may prioritize finding a cheap hotel and eating at the best restaurants. Spend your money where it brings you the most happiness and be careful with your spending in other areas.
