A company offering Super Bowl ticket loans at 30% interest (PS – don’t)

It’s “easier than ever” to attend the Super Bowl, according to a press release from Stub Hub.

It can also be easier than ever to get into debt while doing so.

StubHub this week announced a program that allows fans to fund ticket purchases – including Super Bowl tickets – and pay for them over a 3, 6 or 12 month period.

All at a bargain price of up to 30 percent interest.

Stub Hub, working with financial firm Affirm, this week launched a program that allows consumers to use Stub Hub to purchase tickets and, during the checkout process, choose to finance the purchase through Affirm.

While ticket buyers can use Affirm for most Stub Hub purchases, the company is rolling out this program as a way to encourage fans who can’t afford Super Bowl tickets to purchase them at discounted rates. potentially exorbitant interest.

According to financial website The Balance, the average credit card interest rate in December was 21.26%.

“Just in time for the Super Bowl, consumers can buy tickets for the event now and pay over time,” read a joint press release from Affirm and Stub Hub.

The joint StubHub-Affirm press release gives the impression that paying 30% interest is a financially sound idea: re demanding more transparent financial products that match their interests.

According to a CBS News article that examined the Stub Hub program, two lower-level final zone tickets sold on Stub Hub for $ 15,760 on a 30% 12-month loan would cost the buyer $ 2,676 in interest. additional.

History also says that unlike credit cards, there is no financial benefit to consumers in paying off this type of loan sooner.

Ted Rossman of creditcards.com appeared on CBS MoneyWatch and cautioned consumers against using this type of financial plan to pay for tickets makes no financial sense.

“It’s a huge risk to make any kind of discretionary purchase with something that carries a 10% to 30% rate,” Rossman said on the show, according to the CBS News report. “It’s risky to buy it now and think you’re going to pay for it later.”

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