Don't go into credit card debt to get the latest iPhone

Most of those who pre-ordered it got the new iPhone Friday. The most expensive model is $1,500! Many Apple fans are going into credit card debt to buy it and money experts say that's not a good idea.

National radio moneyman Dave Ramsey says it's stupid to go into debt for the new phone.

"And if you don't have the money it is not a need, it's a want. You have a phone that works. Don't be such a wuss."

Ramsey is an iPhone user but he buys it outright. He says you don't need the latest phone; stay at least a generation behind, unless you can afford to pay cash. iPhone sixes and sevens are still terrific.

Ramsey has some tough love.

"Some of you people are broke and you've joined the cult of Apple, to the point that you think you have to have the latest iPhone or your life is not complete. Really, you ought to look at yourself in the mirror and realize how stupid you are."

Demand is down for this latest round of iPhones. A survey found 28% fewer Americans say they plan to buy the iPhone 11.

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