How the Superbowl Affects Your Credit

The Super Bowl is one of the biggest sporting events of the year. It’s also one of the biggest days for gambling and credit card debt.

The Super Bowl is one of the biggest sporting events of the year. It’s also one of the biggest days for gambling and credit card debt.

If you’re on a budget, it can be tough to stay out of debt after an event like this. But, today we’ll share some tips that will help you to have fun while avoiding credit card debt!

Tip 1 – Make sure you understand your credit card terms. If you’re paying for your tickets with a credit card, there are some things you need to know in advance:

What are my interest rates? What are my late fees? How much do I owe in minimum monthly payments? What’s my total balance?

These are important questions that can help you to avoid unnecessary charges and fees. When it comes to using a credit card wisely, knowledge is power!

Tip 2 – Don’t gamble more than you can afford to lose. There are a lot of people who make bets without thinking about what will happen if they lose. If you want to keep your finances in good shape, don’t let this be you!

Yesterday, financial news site 24/7 Wall St. released the results of a study on the credit card debt associated with the Super Bowl.

The study looked at five years of data from Experian, one of the three major credit reporting agencies, and found that average debt in Super Bowl host cities spikes six percent higher than normal in the months leading up to the big game.

And it’s not just from buying tickets; sports fans across the country are gambling on the game with their credit cards.

In fact, Super Bowl Sunday is the single biggest day for illegal sports betting in America — $300 million on average. While that sounds like a lot, it pales in comparison to an estimated $10 billion that was illegally gambled on last year’s Super Bowl in Las Vegas alone.

In general, though, Americans are fairly cautious about using credit cards for gambling — $22 billion overall according to a recent report by CardHub.com — especially compared to England and Australia where it’s much more common.

As the Super Bowl weekend approaches, many people are planning a party or get-together with friends, family and co-workers. To make it an even more memorable event, many people place bets on their favorite teams, sometimes using credit cards to pay for tickets, accomodations or travel.

The National Council on Problem Gambling estimates that approximately $4.7 billion was wagered on the Super Bowl in 2014 – about $1 billion of which is wagered illegally!

The average person who visits Las Vegas to watch the game will spend more than $700 in just one day. Consumer Reports notes that men account for more than 80% of illegal sports betting, with most having some college education.

In a study conducted by Experian, fans who planned to bet on the Super Bowl were found to have lower credit scores than fans who did not plan to bet. In fact, Experian found that betting fans had an average VantageScore of 675 (on a scale of 501-990) compared with non-betting fans with a score of 716.

Why is there such a difference? While most fair wagering among friends and family involves little money, gambling can be addictive and lead people to make poor decisions regarding their finances. This

In the midst of one of the biggest sporting events of the year, football fans are also paying attention to their finances. According to a recent survey from Credit Karma, nearly 23% of U.S. adults who plan to watch the Super Bowl said they’ve taken out a loan or put expenses on a credit card in order to pay for tickets.

The survey found that 27% of people who plan to attend the game have taken out a personal loan or used a credit card to pay for tickets, while 18% said they had done so for travel or hotel arrangements.

The average ticket price this year is about $5,800, according to SeatGeek, an online ticket marketplace. That’s up from $5,000 last year and $4,400 in 2017.

A personal loan can make sense if you don’t have enough savings and can pay off the debt quickly, said Credit Karma’s chief consumer advocate Ted Rossman. But he warned that if it takes too long to repay the debt — especially at high interest rates — it could end up costing more than the trip is worth.

“The Super Bowl is a time for celebration and fun. But, if you are not careful, the high costs of going to the game may come back to haunt you for months.

We all know the expenses of attending a Super Bowl game can be very high. Some people will pay $10,000 or more just to attend the game. And that’s only the beginning; others will pay thousands more for hotel rooms, food and drinks, parking, transportation, gambling and souvenirs.

The Super Bowl is the Big Game in American sports, but it also has become an event known worldwide. It’s America’s biggest sporting event and one of the country’s biggest parties. Estimates show that more than 108 million Americans watch the game on television each year. And many of those fans also participate in office pools or buy tickets to various events related to the Super Bowl.”

Let’s face it, for most of us the Super Bowl is about a lot more than just football. It is a time to see old friends, enjoy some good food and fun commercials, and of course place some bets. You might be surprised to learn that the biggest bet you make on Super Bowl Sunday may not be with your bookie or even the office pool. Consumers nation wide will spend billions on everything leading up to the big game all while racking up credit card debt they may not be able to repay. And come February all that overspending could lead to rising interest rates when applying for future credit

Here’s how:

The FICO credit score is used by 90% of lenders as a litmus test of your credit worthiness. The three national credit bureaus (Experian, Equifax and Transunion) collect information about your borrowing habits and payment history in order to generate your score. The FICO score is calculated using 5 factors: Your payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and types of credit used (10%).

So what does this have to do with the Super Bowl?

As lenders prepare for an anticipated rise in delinquencies after the holidays they will begin

Credit Sesame recently conducted a survey about how Americans plan to fund the Super Bowl this year, what they plan to spend, and how it will affect their finances. Some of the findings are surprising, and if you are planning to fund your own party or even just to bet on the big game you should read through the full results.

In addition to finding out that nearly 1 in 5 Americans plan to bet on the big game this year (and 4% of them will bet more than $500), we also found that more than half of those planning to watch the game at home will spend less than $100 on food, drinks, and entertainment. Of those who are planning on hosting a party, 37% expect between 20 and 49 guests.

Those are some pretty staggering numbers for a lot of people who aren’t NFL stars or coaches. You might not be betting or hosting a party with as many guests as some of these respondents are planning for, but your finances might still see an impact from the festivities surrounding Super Bowl Sunday. What does this mean for you? Well we’ve got some tips to help you get through the day without any major financial mistakes.

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