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Big News Sunday July 16, 2017
Not so materialistic: Americans willing to use debt to buy vacation instead of material goods
As opposed to previous reports, now, a new study published in the Journal of Consumer Research has revealed that Americans are more willing to go into debt for experiences, over materials. The new study showed that when deciding among optional purchases, Americans are more likely to use credit to buy experiences. It pointed out that the country’s citizens would use debt to buy a vacation, like a wedding, a trip, tickets to a ball game or concert instead of material goods like a new sofa, grills and televisions. Eesha Sharma, an associate professor at Tuck School of Business at Dartmouth College and one of the report's authors said that this finding is notable because it runs counter to previous research. Sharma said, “It tells us more about when and why people are willing to borrow." Before this, researchers have found that people bought material goods, viewed as assets, with debt because they could use the item as they were paying it off. This is because such goods could retain value or...Read more
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