cnbc.com - Americans in debt trying to project luxe life - Janet Stanzak, April 25, 2016
About 70 percent of Americans are in debt. Despite that fact, 30 percent of those people have no plan to pay it off, according to a separate survey conducted by Fifth Third Bank.
Janet Stanzak, a certified financial planner and principal of Financial Empowerment in Bloomington, Minnesota, cautions that overspending to project the image of a glamorous life can backfire.
"When I see friends or neighbors with a ton of toys, it's a red flag for me," she said. "It's typically an indicator that they're not financial stable."
"Financially I just know it doesn't calculate,"Stanzak said.