It fascinates me too, even with financing it's amazing how many really struggling people do this, but you could also look at like this. It's a VCR, Camcorder, Music Studio, Hi FI, Camera, full computer and Video Game console. And I assume lots of people feel this is the most important consumer item they own, It's actually a bargain if you really stop and think about it.
I guess the crazy part is many have a few year old model and it's more than fine, or could buy a used iPhone. So yeah, but hey some dump TV bills, even seen a few say they would give up their car or buy a less expensive car to have a top of the line iPhone, I guess they use it more than anything else in their life.
We are a country in massive debt. I carry more than I should, I know I should just pay it down. I assume most carry some debt and we all just pay the interest.