Low-income people may buy cheap, fast-fashion or poorly produced goods. While initially affordable, many things have a shorter lifespan
Payday loans and high-interest credit cards are more popular among the poor. Unlike wealthy people's planned borrowing, this type of borrowing might trap you in a debt cycle.
Lottery and gambling are also common in low-income communities. While this may seem like a quick remedy, it usually leads to financial loss.
Despite the idea that eating out is a luxury, low-income people may spend more on fast food and convenience meals due to time restrictions
Renting furniture or appliances can be costly over time. These may appeal to low-income people due to their initial affordability, but they cost much more over term.
Poorer people may delay or ignore vehicle or housing upkeep due to upfront expenditures, resulting in more expensive repairs or replacements.
Lower-income people make more impulsive purchases for short-term emotional fulfillment. Wealthier shoppers plan and deliberate more.