If you have been to one lately, then you know: music festivals can be pretty damn expensive. But, these same costly music festivals can also be pretty damn fun. So what’s a broke person to do? Well, it looks like plenty are taking on debt to go.
A new survey from CompareCards by Lending Tree of over 1,000 Americans found that nearly a quarter of Americans (23%) who went to a fest in the past 12 months said they were in festival-related debt. For millennials, the percentage is even higher – with 32% saying they took on debt to attend.
And it doesn’t look like it’s going to get any better anytime soon, as 55% of music festival attendees said they’re spending more on festivals than in years prior – with the average festival attendee dropping $100 to $299 and nearly 1 in 4 spending more than $500 (which explains how Coachella made literally all the monies).
And while many financial advisors wouldn’t necessarily recommend going into debt to go to Coachella, Stagecoach, or KAABOO, spending time at those fests are just a tad bit more fun than say contributing to a Roth IRA. Plus social security will totally be there when we all retire, amirite?