“Practically everyone loves to spend money, but getting something of lasting value is another matter,” says the nonprofit Institute of Consumer Financial Education (ICFE), a San Diego based group.” Millions of Americans, young and old, routinely take on expensive, short-term credit card debt in order to purchase goods and services that they otherwise normally cannot afford. Most American consumers are wasting 20 to 30 percent of their money just because of poor spending habits, such as not taking the time to comparison shop. It is not just credit-based spending decisions that get people into trouble. Some people, who have either exhausted their credit or ruined their credit rating, have no trouble overspending at all. Many people will also have great difficulty determining on what their money was spent. Remember, an overspender is not just an individual who spends more than they earn; an overspender is also an individual who pays…
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