Ft. Lauderdale, Fla. May 8, 2014 – Most people would balk at the idea of letting a graduation date pass without marking the occasion, but they’re also likely to balk at a hefty price tag of $3,000 to fund the celebration. Yet that’s exactly how much consumers are paying to throw graduation parties this year.
Consolidated Credit did the math. Charging that amount to a credit card with the average 13 percent interest and paying it off on a standard minimum payment schedule would mean 18 years of payments and almost $3,000 extra in added interest charges. In other words, for the price of one celebration, you could raise another child to graduation age and throw them a party, too.
Consolidated Credit president, Gary Herman warns that’s too much out-of-budget cost for most consumers to carry.
“Families are still struggling to get ahead,” Herman says, “So the average American family just can’t afford this kind of expense now. Many people take this as a reason to turn to credit cards, but that’s only going to make the cost higher in the long run. You’re just digging a deeper hole.”
To help consumers avoid this debt trap while still celebrating the accomplishments of their grads, Consolidated Credit put together a helpful infographic. It details potential costs and then answers them with tips on how to reduce the price tag.
Sending invitations online to avoid the $0.50-$1.50 cost per printed announcement.
Finding a free park or local hall to completely cut the cost of renting out a venue like a restaurant or banquet facility.
Making photo collages and getting creative with school colors to decorate with the added expense of so many party supplies.
Hosting the party later to get around paying peak prices for party services during graduation season.
Co-hosting the celebration with one or more fellow grads to share the cost between several households.
Shopping sales and being smart about the party menu to avoid going overboard on food costs.
See the full infographic here: http://www.consolidatedcredit.org/press/article/2132/
Consolidated Credit, founded in 1993, is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.
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