Financial expert Elizabeth Miskovich notes that people often finance deals they want. A significant amount of debt is accumulated outside of mortgage payments. According to a study, the average consumer has a substantial amount of debt.

The fear of missing out, or FOMO, contributes to this issue. People are influenced by media and desire to keep up with others.

Further information on this topic is available, including comments from Miskovich on the impact of social media on spending habits.