Consumer Electronics

Would You Rather Have a New iPhone or a Higher Credit Score?

Paul Ausick

Published: September 5, 2017 2:07 pm

Last Updated: January 12, 2020 8:30 am

One week from today Apple Inc. (NASDAQ: AAP) has scheduled a press event at which the company is expected to announce, among other new gear, the newest iPhone. The famously secret Apple has not even said what the new device will be called, but Apple watchers have been calling it the iPhone 8 for about a year.

Researchers at consumer website WalletHub recently surveyed a nationally representative sample of Americans to find out if these consumers knew how their credit score affects their monthly cell phone bill.

The survey also revealed how consumers feel about paying $1,000 or more for the latest and greatest iPhone. Among the most interesting revelations: 74% of respondents said they don’t plan to buy the new iPhone and only 1 in 50 (2%) said they would pay $1,000 or more for a new phone.

The good news for these consumers is that analysts at Morgan Stanley have said that they believe Apple’s sticker price for a 64GB iPhone 8 will land at around $900. Sort of like paying $9.99 for something instead of $10.00.

Among other nuggets gleaned from the WalletHub survey:

• 37% of respondents say their phone has a bigger impact on their lives than does their credit score
• 76% say that credit reports are easier to understand than cell phone agreements
• 70% did not realize that their credit scores affect their cell phone bills
• 31% would rather have a new iPhone than a higher credit score
• 26% would rather have a waterproof phone than a damage-proof credit score

Visit the WalletHub website for more details and results of the survey.

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