Top 10 Consumer Purchase Mistakes
The
Consumer Literacy Consortium has released a list of the top consumer
purchase mistakes as part of its ongoing campaign to reduce wasteful
consumer spending.
"Consumers lose billions
of dollars each year because of hasty, uninformed purchases --
not just on big ticket items, but on everyday purchases as well,"
said Consumer Federation of American Executive Director Steve
Brobeck.
The common, repeated mistakes
that needlessly cost consumers include:
- Leasing rather than buying a
car in the belief that leasing costs less;
- Not searching carefully for
a competent, honest, auto mechanic;
- Assuming their insurance agent
will "shop the market" to get the best auto and homeowner
policy;
- Not holding a cash-value life
insurance policy for at least 15 years;
- Not maintaining the minimum
balance required to avoid checking fees;
- Holding many credit cards;
- Taking out a 30-year mortgage
loan rather than a 15-year loan, just because the monthly payments
are lower;
- Paying in full for home improvements
before the work has been completed satisfactorily;
- Purchasing new appliances that
are not energy efficient; and
- Not comparing unit prices on
supermarket shelves.
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