One in three Americans is willing to take on debt in order to have a fun experience. according to a survey by Bankrate.
A sales associate works on a customer's transaction with a credit card at Cut Rate Toys December 6, 2004 in Chicago. The survey also found that many people are influenced to spend by what they see their friends doing on social media .
"What it doesn't show you are their finances or the struggles they may be having in their private lives," she said. With credit card interest rates exceeding 20%, spending to keep up with others can lead to costly debt that may take years to repay.Deinfluencing: This means making a conscious decision to not buy things promoted by social media influencers and perhaps following social media "deinfluencers" instead. Also, have discussions with your friends about why you don't need to buy or spend on things you see on social media.
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