overspending_in_america

Credit Cards and Overspending In America

The financial future for most Americans seems very bleak according to this infographic. It appears that most Americans are undisciplined and frivolous with money. There are some little known facts and statistics that more Americans should know.

The statistics

  • 52% of Americans are spending more than they earn and 21% of those have monthly expenses in excess of what they earn. Only13.5% adust their spending the next month to get them back on track.
  • What are the money sources: Savings, credit cards, delayed payments, and loans
  • The average American spends $1.33 for every dollar they earn
  • 1 in 4 Americans have more debt than savings
  • The average person?s spending has increased 30% in the last 25 years.
  • Average work hours have risen about 10% in 25 years
  • Only 50% of Americans set up a monthly budget and 21% of them fail to meet their budget 6 months out of the year.
  • Only 44% realize that a credit score measures the risk of not repaying the debt.

There are 11 major reasons Americans overspend

  1. No monthly savings goals
  2. Easy access to credit
  3. Easy access to cash
  4. Credit card misuse
  5. Giving in to temptation
  6. Spending to feel good
  7. Can?t say no
  8. To prove self-worth
  9. Sense of power
  10. Lifestyle maintenance
  11. Keeping up an image

15 Tips to stop overspending

  1. Keep track of spending
  2. Stick to your budget
  3. Create a shopping list
  4. Don?t buy something just because it is on sale
  5. Make price comparisons
  6. Ask yourself before buying
  7. Carry enough cash
  8. Eliminate unnecessary spending
  9. Strive to live below your means
  10. Find cheaper alternatives
  11. Appreciate what you have
  12. Set your own spending limits
  13. Learn how to find great deals
  14. Don?t Count on your credit cards
  15. Get professional help.

Thank you to TheCreditExaminer for making Americans aware of what we need to sharpen. Very informative infographic. Also, find more articles and reviews on credit repair companies on our home page.

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