Using Credit Cards For Daily Expenses
|
|
Fast-food restaurants (26%), for charities (20%), and for bridges, tolls, and mass transit (19%).
The average person spends as much as $20,000 each year on typical household and recurring expenses, including fast-food restaurant meals, doctors' visits, cable television, groceries, charitable donations, and monthly utilities. Consumers estimate spending more than $500 a year on fast food, close to $900 annually on charitable donations, and more than $3,700 a year on groceries. However, whether it is a $7 meal at a fast-food restaurant or a $1,000 medical expense, 39% said they are comfortable charging it, no matter how large or small the actual dollar amount is.
While convenience, mentioned by 68%, was the most popular reason cited for using credit cards to pay for day-to-day expenses, also mentioned were reward programs and other benefits (61%), greater spending flexibility (59%), less check writing (56%), ability to "float" until the next cycle (54%), preference to not carry cash (50%), and better management of finances by tracking spending (45%).
Recurring Monthly Expenses(*) $14,216
Groceries 3,732
Healthcare 1,087
Donations 877
Income taxes (at tax time) 789
Fast food meals 504
Internet and online services 275
(*) Includes cable TV, household utilities, telephone, Internet, commuting, etc.
COPYRIGHT 1998 Society for the Advancement of Education
COPYRIGHT 2000 Gale Group
Posted by jonathan on February 01, 2005 at 09:58 PM