‘Tis the season to be spending a lot on stuff you and others don’t need. However, as long as you guise it under “holiday gifts” you seem completely justified…until the credit card bill comes. There is a problem with wasteful spending in this country.
A recent study by The Motley Fool surveyed 1,015 people on their wasteful spending habits and found that 95% of respondents felt that people in the U.S. threw away more money than they should. And another recent CFPB survey found that about one-third of people ages 30 to 49 had more credit card debt than savings. And that is just during the normal months! Consumers spend a total of $630.7 billion on holiday spending every year, ( thinkfood expenses, booze, decorations, cards, and, gifts.) In fact a new study conducted and published by Credit Cards.com, found that 61% go into debt during the holidays because of spending. And they go in willingly!
The top reason for wasteful spending (at 64%) is that the person really, really wanted it. The truth is retail therapy is a real thing as is being a shopping addict. According to recent data, about 6% of the population could be considered compulsive buyers.
But perhaps taking a very close look at things that we buy and justify but really don’t need could make a difference? Are we even using these things regularly? BPI-Philam put together a list of the five luxuries you could absolutely live without that could end up putting so much more into your bank account. Check them out below.