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Consumer credit counseling may help people who can't keep track of cash
01/06/2010
One of the most important ways consumers can make sure they are able to pay off debt is by keeping track of where their money goes.
However a recent survey from Visa shows that, on average, consumers lose track of $21 of cash spending a week. In other words, consumers can't seem to keep track of more than $1,000 of cash every year.
Wayne Best, chief economist for Visa, said despite people focusing on what they spend their money on, people still lose a lot of money every year, which may be especially true during the holiday shopping season that just passed.
"Even for the most organized spender, it can be tough to keep track of every cup of coffee, greeting card, teacher's gift or stocking stuffer picked up at the mall and paid for with cash," Best said.
Some of the more common ways in which people may lose track of their cash is through spending on groceries (34 percent), going out for a night (31 percent), or eating at a restaurant (26 percent).
However, losing track of funds is something consumers have control over. People who are having trouble controlling their spending may consider visiting a consumer credit counseling agency, which can help them develop a budget.
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