PHOENIX (KSAZ) - My iPhone might be old, but it still works, so I'm going to hold onto it, but there's a new study out that says there's a whole generation of people willing to go into debt for the newest iPhone.
"I don't believe in going into debt for anything," one person said.
Nearly 28 million people believe that getting one of the new iPhones, which are expected to be revealed next week, are worth going into debt over.
Baby boomers do not seem to be included in that group.
"It doesn't matter how fantastic the new phone is, you're going to put the money in your pocket right," one person said. "I don't do the iPhone. I never have. I might think about it at some point."
According to WalletHub's 2018 Credit Score and iPhone Survey, our love affair with the latest and greatest tech gadgets may be going too far:
- Nearly 1-in-5 people under the age of 45 think the new iPhone is worth doing into debt for.
- Twenty-nine percent of cell phone shoppers don't know they could be in for a credit check.
- Nineteen percent of people would rather have unlimited phone data than an excellent credit score.
- Forty-four percent of millennials believe their cell phone has a bigger impact on their life than their credit score.
"I personally don't think I would allow something like that for myself as a millennial," one person said.
Millennials we spoke to say not so fast... they're learning from the older generation.
"I am currently paying my student loan, I am paying higher rent, I'm paying a lot of different bills for different reasons," one person said. Personally, I don't feel I would put myself through that."
"I'm what they call a 'zillennial,' so I'm in between the analog and the digital," another person said.
"I don't need it that badly," one person said.