The aspirations of many Americans these days are straight out of “Keeping Up with the Kardashians” — huge homes, new clothes, expensive cars and over-the-top vacations. Trouble is, these people often don’t have the cash to back it up criminalcasehacks.net.
One in 8 Americans is willing to take on $1,000 or more in debt to depict an extravagant lifestyle, according to a study released Monday by the banking app Fintonic.
And the more money one has, the deeper they will delve into the red, the study concluded. One in 10 Americans making $80,000 or more a year are willing to take on more than $5,000 in debt in an attempt to portray their life as luxurious, according to the report, which surveyed over 1,100 adults online in the U.S. in February.
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In fact, those who make more than $80,000 were twice as likely to go into debt to project the image of an indulgent lifestyle, Fintonic said.
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“The increase in both traditional and social media glorifying expensive habits is playing a huge role in believing a luxury lifestyle is attainable, causing many to spend beyond their means and accumulate debt,” said Sergio Chalbaud, CEO and founder of Madrid-based Fintonic. “We are constantly incentivized to act that way.”
Despite the repercussions on retirement and a lack of emergency savings, few seem troubled by the consequences of debt clash of clans hack tool online.
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Luxury demand is “often driven by social, cultural and fashion trends rather than by mere financial means,” Erwan Rambourg, global co-head of consumer and retail research at HSBC, told CNBC in a recent interview.
About 70 percent of Americans are in debt. Despite that fact, 30 percent of those people have no plan to pay it off, according to a separate survey conducted by Fifth Third Bank www.monsterlegendshackcheat.com/monsterlegendshack/.
Janet Stanzak, a certified financial planner and principal of Financial Empowerment in Bloomington, Minnesota, cautions that overspending to project the image of a glamorous life can backfire.
“When I see friends or neighbors with a ton of toys, it’s a red flag for me,” she said. “It’s typically an indicator that they’re not financial stable.”
“Financially, I just know it doesn’t calculate,” Stanzak said www.familyguyquestforstuffhack.net/familyguythequestforstuffhack/.