WalletHub’s 2018 Credit Score and iPhone survey shows that nearly 28 million Americans believe that getting one of the Apple iPhones to be introduced this week is worth going into debt to purchase.
Apparently, it does not matter what the spec of the new iPhone is, or what it will do, they were prepared to contact the credit companies and sign over their financial souls just for the label.
To be fair, WalletHub surveyed only 480 people. And 11 percent — which would represent 28 million adults — said they thought the new iPhone was debt-worthy.
It also does not mean that all of the people prepared to get into debt for an iPhone are credit worthy enough.
The stats do show elements of what some Americans think are priorities. Five times more millennials than baby boomers would go into debt for the new phones. And 29 percent of phone shoppers don’t know they could have their credit scores checked when buying the phone — which could mean they won’t get a loan.
It also means that 28 million Americans don't really think about what they are buying and if it is worth paying huge interest bills. The new iPhones are widely expected to be the same as the old iPhones but cost more. A similar spec can be picked up for half the price if you don't want to worry about the Apple logo.