New iPhone launch may put Apple users in debt

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JACKSONVILLE, Fla. – A new smartphone is a big purchase for some—upgrading to a new iPhone is something most people save up for.

This time around, buying the iPhone that could be released on Wednesday may put people in debt. The electronics company is expected to unveil its biggest and most expensive iPhone.

Three models are expected to come out today, including a phone with a 6.5 inch screen. In comparison, the iPhone X screen is only 5.8 inches.

Nearly 28 million Americans believe that getting one of the new Apple iPhones is worth going into debt to purchase, according to a WalletHub survey.

Some models are expected to cost more than a thousand dollars. The iPhone X was the first mass-market smartphone to sell for $1,000.

Five times more Millennials than Baby Boomers would go into debt for the new phones.

72 percent of people who took the survey said they do not plan to buy the new iPhone. More than 70 percent of people say the best way to buy a new phone is to pay upfront rather than using an installment plan.

Some models are expected to cost more than a thousand dollars.