Social networking creates pressure to keep up with "Joneses" beyond your close neighbors and friends, says Kim McGrigg, spokeswoman for the nonprofit credit counseling agency Money Management International. "Every day you can hop online and see pictures of people who got a new car or went on vacation," she says. "You see them living a lifestyle that's different from yours, but very rarely do people post their credit card statement along with that."
McGrigg says the key to avoiding peer pressure is "being very clear about your values (and) what you want your money to do for you."