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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: 2) by TheRaven on Saturday July 13 2019, @08:55AM
Huh? If you're trying to save money, do your background research before you go into town to shop. Make a list of the prices you can get online (or in store in shops that also have an online shop) and buy things when you see them cheaper. Buy non-perishable things in bulk when they're on some kind of special offer. I buy, for example, a six month supply of most toiletries when they're on a half-price sale. I do now have data on my phone, but only because my employer provides me with a SIM. I got that some time in the last year and it's the first time I've ever had mobile data. Nothing is ever really so urgent that I can't wait until I'm near WiFi. When I've visited the US recently, most malls have free WiFi, so you can even check things while in the shops if you need to. I spend under £1/month on mobile service: I'm on a pre-pay plan. Until recently, most calls I made were via a VoIP service over WiFi, now my mobile provider has cut their prices enough that they're usually cheaper to use than other services.
sudo mod me up