People endanger their future by trying to keep up with the Jones’, regardless of the neighbor’s name. Spending beyond their means, going into debt for purchases that will be forgotten before the bills are paid.
A study by C+R Research finds there is plenty of regret.
There are new finance options available through companies like Affirm, PayPal Credit and others that offer more flexible terms than banks or credit cards, but regardless of how major purchases are financed, the bill comes due.The study finds 60% of shoppers who used a service for a big online purchase wish they hadn’t.
Michael Smith, president of Avidian Wealth Solutions, thinks it’s a lack of fiscal education. “I think people just don’t have the proper financial education. We didn’t see any of this stuff in most of our schools, so budgeting is something people do later in life if at all,” he tells KTRH News.
The buyers may have regrets, but banks are more than happy to come up with finance options that involve interest and fees. Last year US banks posted $148 billion in profits.
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