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YOLO spending may lead to debt for 1 in 3 Americans, survey says

By FOX 5 Atlanta Digital Team
Published  April 5, 2024 8:17am EDT
Economy
FOX 5 Atlanta

Survey says YOLO leading to debt

A new survey says that 1 in 3 Americans are willing to go into debt because of YOLO -- the idea that you only live once and you should do what you want.

ATLANTA - A recent survey conducted by Bankrate has shed light on the spending habits of Americans, particularly regarding the popular mantra "You Only Live Once" or YOLO. 

The survey revealed that 1 in 3 Americans would indulge in extravagant spending, potentially leading to debt, because of the YOLO mindset.

According to the survey, nearly half of U.S. adults anticipate spending more money on enjoyable purchases this year. Surprisingly, just over a third of respondents admitted they would be willing to incur debt for these indulgences. 

Among the top items on people's bucket lists are travel, dining out, or attending live entertainment events.

Financial experts caution that YOLO spending can pose serious risks if done excessively or without consideration. While treating oneself occasionally can be rewarding, overspending in the name of YOLO could lead to financial instability and debt.