Disney World is a magical place that many people dream of visiting, but for some, the cost of the trip can be a major barrier. A recent study from Lending Tree found that 18% of 1,500 surveyed consumers had gone into debt to visit the popular Orlando theme park.
The study found that 71% of those who went into debt do not regret it because their debt will be paid off in six months or less. However, it's worth noting that these costs can add up quickly. In-park dining options and ticket prices were more expensive than budgeted for, and from November 2022 to October 2023, the average cost of a one-day, one-park ticket for visitors 10 and older will be $141.74.
And that's just for one day! A Disney World vacation for a family of four cost $5,731 in 2022, including flights, transportation, a five-night stay at a Disney resort, five-day tickets, and all meals. With inflation rates expected to increase the cost of the same trip in 2023 to $6,320, it's no wonder that some people are taking on debt to realize their Disney vacation dreams.
Despite the high costs, Matt Schulz, LendingTree Chief Credit Analyst, suggests that "if you need to take on a few months of debt to afford that once-in-a-lifetime Disney trip, it can be OK." Of course, it's important to carefully consider your financial situation before taking on any debt, and to make sure you have a plan to pay it off in a reasonable amount of time.
Ultimately, it's important to weigh the costs and benefits carefully before making a decision to go into debt for a vacation. Ideally you would want to save your money and avoid the debt trap, but sometimes memories like those created at a Disney Resort, can be worth it.
