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The problem is overspending on such items, which can easily lead to debt.
In arecent YouTube video, Cruze discussed how luxury brands can trick you into spending more.
Heres what to look for so you dont fall formoney-wasting marketing tactics.
Cruze gave the example of astore credit cardthat offers money off a purchase.
The goal is to keep customers returning to spend more, benefiting the store and brands.
Unfortunately, customers can end up paying high interest rates on these cards.
According to a LendingTreereport, the average annual percentage rate for a new store credit card is 31%.
So its wiser to avoid opening store cards to save money.
Sometimes, the luxury items might even be of poorer quality.
ARamsey Solutions blog postmentioned that even many wealthy people avoid keeping up with the Joneses.
Rather than believing that luxury is the norm, understand your budget to make reasonable purchase decisions.
Chasing after hyped-up, hard-to-get products could lead you to buy something you dont even need and cant afford.
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