Americans love sports. There’s abundant evidence of this, from the packed stadiums you see when you turn on a football game to the remarkable rating numbers that televised sporting events bring for the networks that air them.
Americans love their sports so much that some are willing to go into debt to support the team. In fact, an astonishing 33% say they expect to do it. Those who do may find themselves learning how to snowball debt to counteract what they’ve spent on sports. Others might use the equally popular avalanche method to pay back that money.
Let’s take some time to examine how some Americans are getting into debt with sports and why they’re willing to do it.
There are plenty of ways American fans get into debt with sports. For instance, last year’s Superbowl saw tickets selling for an average of $9,500. Think about that for a moment. Tens of thousands of individuals were willing to pay the same price to see a single game they could have paid for a decent used car.
Some U.S. citizens pay hundreds or thousands of dollars for sports memorabilia, like signed bats, balls, jerseys, and other, more obscure items. Others might pay high prices for full or partial-season ticket plans.
Someone who wants to see a particular sporting event live that features their team may need to come up with considerably more money than the ticket costs. They might pay for a flight to and from the host city if the game isn’t taking place locally. They may need to pay for a hotel, meals, souvenirs, and additional travel expenses.
There are casual sports fans and die-hard fanatics. If you’re a casual sports fan, you might be content sitting on your couch at home and watching on TV when your team plays. If you’re a true fanatic, though, you might be willing to go far out of your way to show your passion.
A die-hard fan might skip their child’s wedding to attend a critical game. They may paint themselves in the team colors and go shirtless to a game in subzero temperatures. When you see someone taking such measures, it should be no great surprise that this individual is willing to go into debt for something sports-related.
Most logical individuals would agree that going into debt is sometimes necessary, but when you do, it should be for a worthy cause. For instance, you might take out a bank loan and use that money to buy a car. You may go into debt because you don’t have any ready cash, but you want very much to take your first vacation in several years.
There is nothing inherently wrong with going into debt for sports if it’s something that genuinely makes you happy, but it’s an action you very well might regret. You may attend a game at great expense to yourself, and then your team might lose. That’s probably going to sour you on the whole experience.
Also, even if you enjoy yourself, that instant gratification might not be worth paying back the money you borrowed, usually with interest, in the weeks and months to come. Maybe you went to a game and put the cost of the ticket and travel expenses on your credit card. You’ll probably end up paying interest on those charges if you don’t have the money to pay off the card at the end of that payment period.
If you’re thinking about going into debt for sports, consider the ramifications very carefully. If you feel like it’s worth it, then go ahead. However, if this course of action is on your mind, you may want to take a step back and reconsider your fanaticism before you do something you’ll regret.