Credello: People Are Going Into Debt to Go to Concerts This Summer — How Can You Combat It?

NEW YORK, August 31, 2022 (Newswire.com) - As the summer concert season ramps up, many music fans are finding themselves in a financial bind. With ticket prices often exceeding $100, and sometimes topping $1,000 for premium seats, going to see your favorite band can quickly become a costly endeavor. As a result, many people are turning to credit cards and personal loans  to help cover the cost of concert tickets. 

If you're considering taking out a loan  to cover the cost of concert tickets, there are a few personal loan mistakes you'll want to avoid. First, be sure to shop around for the best rates and terms. There are many personal loans on the market, and not all of them are created equal. Be sure to compare interest rates, fees, and repayment terms before you decide on a loan.

Second, be realistic about how much you can afford to borrow. It's important to remember that personal loans come with interest charges, so you'll want to be sure you can comfortably make the monthly payments. Third, be mindful of the repayment timeline. Many personal loans have a repayment period of two to five years, which means you'll be making payments for quite some time. Be sure to factor this into your budget before you take out a loan.

By following these simple tips, you can avoid falling into debt this summer concert season.

Top tips to save money on concert tickets

1. Find presales. Some credit cards like Chase or American Express can give you access to concert ticket presales. This lets you purchase tickets before they go on sale to the general public. Not only can this help you score a hard-to-get ticket, but it can also save you money. As demand increases for a concert, so do prices. Getting tickets before demand shoots up lets you get a great deal.
2. Be okay with far-away seats. Most venues have giant screens that help those that are farther away see the artist performing. For outdoor venues, you can lounge on the grass, which might even be more fun and less crowded. Even for indoor venues, tickets that are farther away will cost less than those right in front of the stage.
3. Be flexible. If possible, try to be flexible on the date and location of your concert. Weekdays are generally cheaper than weekends, and smaller cities will likely be cheaper than large cities. If you play around with multiple tour dates, you can find a great deal.
4. Check last-minute deals. If you can't take advantage of a presale, then check out deals the day before or the day of a concert. People that cannot go to the concert for whatever reason will be looking to resell their ticket at a discounted price. You can get a fantastic deal this way, but it does come with some uncertainty.
5. Use your points. If you have credit card points, you could use them to buy concert tickets or to reimburse a purchase after you make it. This lets you see the concert that you want without having to pay in cash.
6. Go to a music festival. This might sound a little counterintuitive, as music festival tickets are generally much more than a standard concert ticket. However, if you break down how much you pay per artist, you will end up spending a lot less. Music festivals can last three or four days and you can get the opportunity to see many of your favorite artists.

Bottom Line

Concerts do not have to put you in debt. Although expensive, there are many ways that you can save money on tickets or leverage credit cards to get great discounts. If you are smart and know where to look and how to find the deals, you can have a summer full of concerts and festivals without breaking the bank. 

Source: Credello