More than one in three Americans think debt for the latest phone is worth it

(InvestigateTV) — More than one in three Americans think it is worth putting a new phone on a credit card and taking on debt to get the latest model, according to a new WalletHub survey.

The same survey found almost nine out of 10 people say new phones are overpriced. Nearly half say they would feel inferior using a budget cell phone plan.

John Kiernan, managing editor of WalletHub, said the conflicting results show the phone is still seen as a status symbol.

“A lot of it has to do with keeping up with appearances and presenting a certain image to others,” Kiernan said. “For example, 32% of people say someone who always has the latest iPhone is quote unquote rich, and a lot of us want to give off that impression whether or not it’s true.”

Kiernan also said that because phones can do so much, having the latest model is sometimes more about keeping up with technology for work.

For people trying to save, Kiernan’s first suggestion is to shop around.

“Look into what kind of option you have from phone carriers and phone plans,” Kiernan said. “A lot of times if you switch from one carrier to another you can get a new phone and maybe a bunch of other devices as well.”

Kiernan also said buyers can choose the model behind the latest phone. It will not be the newest, but it could be more affordable. He said researching bundled services may also lead to a good deal on a new phone.