Study: 1 in 3 Americans would rather have new iPhone than high credit score

Study: 1 in 3 Americans would rather have new iPhone than high credit score
(Source: Flickr)

(WMC) - The new iPhone 8 and iPhone 8 Plus have started shipping, and now the personal-finance website WalletHub has released the results of its iPhone Savings Report to help consumers make sense of all the different pricing options and find the best deal.

Here are some key findings:

  • An individual can save up to $917 on the new iPhone by opting for a no-contract plan from Walmart Family Mobile. Families can save up to $1,684 for four lines.
  • Individuals can save up to $1,495 by keeping their old phone and using the Walmart Family Mobile plan. Families can save up to $2,263.
  • None of the major carriers offer two-year contracts for new iPhone purchases anymore, after Sprint discontinued their offer in the past year.
  • 74% of people don’t plan to buy the new iPhone.
  • Only 1 in 50 people would pay $1,000+ for a new phone.
  • Nearly 1 in 3 Americans would rather have a new iPhone than a higher credit score.

You can use WalletHub's Cell Phone Savings Calculator to compare the true cost of two-year contracts, installment plans, and no-contract plans from all of the major carriers. You can check out the calculator and compare the most popular plans by clicking here.

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