More Than 1 in 5 Americans Think the New iPhone Is Worth Going Into Debt

More than 1 in 5 Americans think the new iPhone is worth going into debt, according to the personal-finance website WalletHub’s 2022 iPhone Survey.

To help people save money on their cell phone bills, WalletHub has also produced a handy Cell Phone Savings Calculator, which crunches the numbers on whether it’s better to buy a phone upfront or pay in installments and much more.

Key stats:

• iPhone demand is rising: 24% more people plan on getting the new iPhone this year, compared to last year.
• Few people judge not upgrading: 20% of people think that not having the new iPhone is a sign someone is struggling financially.
• Budget carriers look appealing: More than half of Americans are willing to try a budget cell phone carrier.
• Discontent with credit checks: Half of the consumers don’t think it’s fair that cell phone carriers check your credit score.
• MVP – most valuable possession: More than a third of Americans say that their phone is their most important belonging.

View the complete survey results.

Jill Gonzalez, analyst at WalletHub, shares advice for saving on smartphones

Do you have any advice for saving on a smartphone, considering the fact that only 27% of Americans plan to spend more on their cell phone this year?

“People who want to save money on their cell phone should think about buying a phone that’s at least one generation old rather than the latest model. The differences in features between generations are relatively small now, compared to years ago where upgrades brought much more dramatic improvements,” said WalletHub analyst Jill Gonzalez.

“Getting a phone that’s a generation behind can be half the price and almost as good of a user experience. Consumers can also save money by buying used, good condition phones or looking for carrier discounts.”

You may however buy pre-owned iPhones by simply searching for “we buy iPhones” and save money while still getting the latest model. However, it seems like Americans are not shy to go into debt for a brand-new iPhone.

What advice do you have for reducing the cost of wireless coverage, especially during this time of high inflation?

“There are many different ways you can reduce the cost of wireless coverage during this time of high inflation, the most important of which are doing comparison shopping and waiting to purchase a phone until you can receive a good promotional offer. One big way to save money is to get your coverage from a ‘budget’ phone provider that uses the same network as one of the larger, name-brand providers.

You can save a lot of money while getting just about the same level of coverage,” said WalletHub analyst Jill Gonzalez. “You can receive discounts for bundling your phone coverage with other people, too, as well as setting up autopay on your monthly bills. If you find yourself in a tough financial position, some providers may offer you temporary relief on your bills, though you’ll have to call and ask.”

Why do more than a third of consumers think that their phone is their most important possession?

“The reason why more than a third of consumers think their phone is their most valuable possession is likely that few other devices can perform as many different functions while remaining easily portable.

Cell phones are key for both their social use, like keeping people connected to their loved ones during the pandemic and times where travel is expensive, as well as for business use, especially as many people have switched to remote work,” said Jill Gonzalez, WalletHub analyst.

“One of the most valuable features of a cell phone is access to the internet even when Wi-Fi is unavailable. Sometimes, cell phone data is the only way a family can get online. Since cell phones are so vital, it’s also unsurprising that more than 1 in 5 Americans think the new iPhone is worth going into debt.”