The aspirations of many Americans these days are straight out of "Keeping Up with the Kardashians" — huge homes, new clothes, expensive cars and over-the-top vacations. Trouble is, these people often don't have the cash to back it up.
One in 8 Americans is willing to take on $1,000 or more in debt to depict an extravagant lifestyle, according to a study released Monday by the banking app Fintonic.
And the more money one has, the deeper they will delve into the red, the study concluded. One in 10 Americans making $80,000 or more a year are willing to take on more than $5,000 in debt in an attempt to portray their life as luxurious, according to the report, which surveyed1,100 adults online in the U.S. in February.
In fact, those who make more than $80,000 were twice as likely to go into debt to project the image of an indulgent lifestyle, Fintonic said.