Keeping up with the Joneses: What it might be costing Americans
Katie Kelton | (TNS) Bankrate.com
Jamie Feldman, 35 years old, lives in Brooklyn, N.Y. and is currently paying off nearly $20,000 in credit card debt. She’s also the co-host of Debt Heads podcast. After being laid off during the COVID-19 pandemic, she maxed out a credit card while spending to keep up with her social life.
“It was a lot of social commitments,” Feldman explains. “A lot of weddings, a lot of expensive dinners in New York with friends who were making more money than me, a lot of inability to say no to things even if I couldn’t afford them or didn’t want to do them.”
She thought of her debt as something she would deal with later — until later came, and she was in over her head in interest charges and minimum payments. Feldman made a decision to stop shopping and dining out for one month to see how it affected her budget.
“Unsurprisingly, it made a huge difference,” she says. “It was the first time I was really looking at my finances and seeing where my money was going, what I was spending it on and what I was bringing in.”