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from the I-can-spend-until-I-reach-my-credit-limit,-right? dept.
If you have credit card debt, it may be time to scale back what you spend on luxury purchases.
But we’re not talking about doing without small luxuries like your morning coffee or an afternoon snack – things like your car loan or lease, leisure travel, dining and more can make a bigger difference.
A new CreditCards.com poll shows U.S. consumers who have credit card debt are outspending debt-free households in seven of nine discretionary spending categories (see chart). However, few are willing to cut back on any of their luxury purchases.
In fact, 18 percent of Americans who have credit card debt are unwilling to trim expenses in nine categories, including dining out, leisure travel and clothing (see chart). This despite the fact that the average credit card APR is nearly 18 percent.
[...]Our luxury spending poll also found:
- Many can live without dining out. Dining and takeout is the category all respondents – in debt or not – are most willing to cut in half. Still, less than half of those with credit card debt (48 percent) would trim their dining budgets, which average $2,186 per year.
- But vacations are a big budget item many won’t budge on. The average household with card debt spends $2,211 per year on leisure travel. But only 3 in 10 of those respondents would be willing to cut their travel spending in half.
- Cars, haircuts and cellphone plans are the biggest must-haves. The three categories people in debt were least willing to cut in half are personal care and beauty (23 percent), cellphone services and upgrades (25 percent) and car loans or leases (26 percent).
- Cut my streaming? You’re dreaming. Only 39 percent of respondents with debt would be willing to cut back on subscriptions services such as Netflix, Spotify and Xbox Live. However, at $1,198 per year, it’s the second-least-costly luxury expense among this group.
https://www.creditcards.com/credit-card-news/luxury-spending-poll/
(Score: 0) by Anonymous Coward on Friday July 12 2019, @08:24PM (3 children)
we all know the extra hassel required to go "no streaming". magnets catch rust really fast.
hair-cut is 2mm. DIY device should be "free" after 2 years. don't buy one that only works with battery.
holidays: go see the world, plan ahead. once there, sacrifice the first holiday to research the destination on-site to find cheaper alternatives for the second time.
eat at home, less tummy-ache, for sure.
car, good to have, if possible hybrid it. if not bulk use the motorcycle, bicycle if you have life insurance or walk if you got all your rabies and tetanus shots.
self-made fat can be washed off with (el-cheapo) liquid dishwasher soap detergent just as well.
alcohol makes me angry and useless.
toothbrush gets used until it looks like broom.
wifi-calling whenever possible.
solar-panels to cover about (average) 150W (50% max. output) each during day on all 3-phases.
throw away, made in china crocs last about a year and cost maybe 6 dollars.
haven't ironed clothes in 15 years.
air-dry clothes.
not ready to skimp on:
sugar-drinks.
tobacco.
washing underwear and what goes over it separately.
cinema.
a good home-server w/ lots of spinning rust storage.
trow away shaver.
hot showers.
tumble-dry bedding stuff.
(Score: 2) by c0lo on Friday July 12 2019, @11:00PM (2 children)
Oh, I solved the costs for this by buying a home with enough backyard to afford the space for cloth lines (grin)
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 0) by Anonymous Coward on Saturday July 13 2019, @05:11PM (1 child)
air-dry is good. however beware the UV-induced degradation of cotton on really sunny days.
i prefer to hang my wet clothes in the shade ... on a sunny day ^_^
(Score: 2) by c0lo on Saturday July 13 2019, @10:14PM
It's the dyes that degrade more and sooner than the cotton substrate - I have a couple of black tees that are a pale redish-brown after 3-4 years - the cloth is still strong.
Otherwise, the microbicide action of UV is something that you actually want, especially on bed sheets.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford