Unlimited Data versus High Credit Score

[RocketGoBoom]

https://www.zerohedge.com/news/2018-09-04/1-5-americans-would-take-debt-afford-new-iphone

 

• 5X more millennials say the new iPhone is worth going into debt for than baby boomers.
• 29% of cell phone shoppers don’t know they could be in for a credit check.
• Nearly 187 million Americans trust Apple and Google more with their personal data than the government.
• 19% of people would rather have unlimited phone data than an excellent credit score.
• 44% of millennials believe their cell phone has a bigger impact on their life than their credit score.

[centex]

The scary thing is that those 187 million people  are potential voters (since a survey SHOULD typically be looking only at those 18 years of age or older).  

 

Considering the snowflake generation tends not to understand how to work rewards, err I mean use credit, the 19% and 44% numbers are not a surprise...

 

I wouldn't take an iphone if you gave one to me.  It is only useful for target practice at the range.

[radi8]

12 hours ago, centex said:

I wouldn't take an iphone if you gave one to me.  It is only useful for target practice at the range.

They are rather unsatisfying in that role too. 

[cv91915]

"Baby Boomers" are mostly in their 50s and 60s now.  

 

Just shoot me if I reach that point and need to go into debt to get the phone that I want.

Edited September 7, 2018 by cv91915

[Allkindabroke]

The 24 month no interest payment plans that cell providers have for a new iPhone would be considered going into debt for a phone so I'm with the millennials on that point.  The only way I would pay for a phone upfront is if  I needed to make large enough purchases to meet a bonus incentive, i.e. CSR 3month/4k spend/50K points.  

[cv91915]

9 hours ago, Allkindabroke said:

The 24 month no interest payment plans that cell providers have for a new iPhone would be considered going into debt for a phone so I'm with the millennials on that point.  The only way I would pay for a phone upfront is if  I needed to make large enough purchases to meet a bonus incentive, i.e. CSR 3month/4k spend/50K points.  

I use my work mobile phone for everything.  I don't even have a personal one.  But if I did I would almost certainly buy a refurbished or gently used iPhone and get service from a MVNO.  

 

I know there are plenty of people people who enjoy stretching out payments on a phone which they cannot afford, and then procuring the service itself the most expensive way possible.  

 

[TheVig]

Total breakdown in the parenting of these millennials.

 

In my personal experience, for every one millennial that I deal with, that has his/her act together, there is triple that, that are complete morons. Don’t get me wrong, every generation has its salamanders, but with millennials, they either came out of the birth canal with an A game, or they didn’t. No middle of the road types who might be able to be coached or mentored into greatness like previous generations.

[Allkindabroke]

1 hour ago, cv91915 said:

I use my work mobile phone for everything.  I don't even have a personal one.  But if I did I would almost certainly buy a refurbished or gently used iPhone and get service from a MVNO.  

 

I know there are plenty of people people who enjoy stretching out payments on a phone which they cannot afford, and then procuring the service itself the most expensive way possible.  

 

That is certainly one way of looking at the decision making process.   

 

I could take $1K from my DCU savings account and immediately forego $4* monthly interest for 24 months ($96) to purchase a new iPhone.  If I signed up for a 0% 24 month payment plan using the same funds, a down payment (including taxes) of $200 has an cost of $0.80 in reduced interest for the first month and an additional monthly reduction of interest $0.15 until the phone is paid off.  It's too early in the morning for amortization tables but using a payment plan to finance a phone means that I still earn interest from the source of funding. 

 

Opportunity costs are still costs. 

 

*approximate dollar/cents figures

[cv91915]

38 minutes ago, Allkindabroke said:

That is certainly one way of looking at the decision making process.   

 

I could take $1K from my DCU savings account and immediately forego $4* monthly interest for 24 months ($96) to purchase a new iPhone.  If I signed up for a 0% 24 month payment plan using the same funds, a down payment (including taxes) of $200 has an cost of $0.80 in reduced interest for the first month and an additional monthly reduction of interest $0.15 until the phone is paid off.  It's too early in the morning for amortization tables but using a payment plan to finance a phone means that I still earn interest from the source of funding. 

 

Opportunity costs are still costs. 

 

*approximate dollar/cents figures

The last iPhone I picked up for my dad was $360 (no tax and free shipping).  There were no obvious signs it had ever been used.  

[centex]

The real irony in the 'going into debt' for the phone vis-a-vis the two-year plan is that so many people insist on changing phones every six months or so even though the one they have remains perfectly functional.  As such, they NEVER seem to avoid paying for a phone.  It is the cell phone equivalent of the people who are perpetually making car payments and rolling over payments into yet another new vehicle...

[IndyPoolPlayer]

$DAYJOB is trying to talk me into upgrading my work phone, I refuse to. My iPhone 5 still works. It won't upgrade to iOS 11. Oh there's a few non-essential apps that no longer work such as Buffalo Wild Wings Blazin' Rewards but the ones that matter such as Outlook, Skype for Biz, Microsoft and Google 2-factor authentication, Southwest Airlines, and the all important Gas Buddy still work.

What I'm reading on iOS 12 and new standards for iPhone apps I hope this isn't Apple's way of forcing upgrades.

[Gaston]

 Can any of you think of just one reason to finance a phone on your carrier plan even for 30 days or less on a 0% deal????

Edited July 6, 2019 by Gaston

[MarvBear]

2 hours ago, Gaston said:

 Can any of you think of just one reason to finance a phone on your carrier plan even for 30 days or less on a 0% deal????

Yes,   I have done it before.

[CTSoxFan]

15 hours ago, Gaston said:

 Can any of you think of just one reason to finance a phone on your carrier plan even for 30 days or less on a 0% deal????

Yes, Allin explained it well above.  Why should I part with my money today when Verizon will let me pay them over 24 months without penalty, interest, etc. and I can pay it off at any point of my choosing.

 

Just like it is stupid to get a huge tax refund because you are giving the government an interest free loan.  This is the exact same thing, except you're the government in this example and Verizon is overwithholding.

Edited July 7, 2019 by CTSoxFan

[cv91915]

31 minutes ago, CTSoxFan said:

Yes, Allin explained it well above.  Why should I part with my money today when Verizon will let me pay them over 24 months without penalty, interest, etc. and I can pay it off at any point of my choosing.

 

Just like it is stupid to get a huge tax refund because you are giving the government an interest free loan.  This is the exact same thing, except you're the government in this example and Verizon is overwithholding.

Make sure you get GAP.

[CTSoxFan]

23 minutes ago, cv91915 said:

Make sure you get GAP.

I'll take the chance and self-insure.