The average American opens their first credit card at the age of 20, and most people's average running balance is $5700. But not paying that balance off every month can keep you in the red for life. That’s why some experts are recommending a cash diet for consumers.
Studies show the average American carries $67 on them, but still uses plastic one out of four times when buying something under $25; and now, with the ease of digital wallets, it’s getting easier and easier to go cashless and harder and harder to control our spending.
The idea is that using only cash for a set amount of time can help you be more mindful of what you spend. Several studies have shown consumers feel more pain when paying cash than credit. The average value of a cash transaction is $22 compared to the average value of a credit card transaction at $57.
Experts also suggest coming up with a budget and dividing your cash into envelopes for spending with categories like groceries, gas, dinners, and miscellaneous items.
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