There are many different types of consumers from the spend crazy to the super saver. As a collection agency we have spoken with these different types and understand what techniques to use to collect a past due debt from all of them. We understand the average consumer because we are trained to do so, but do you? We reviewed the latest Consumer Expenditures report released August 2016 by the Bureau of Labor Statistics and would like to share some of the findings.
The average consumer in 2015:
- Received a 4.1 percent increase in salary from 2014 making $69,629
- Spent $7,023 on food at home and eating out.
- Paid $18,409 on utilities and furnishings.
- Purchased $1,846 worth of apparel and services which was an increase of 3.4% from 2014.
- Paid $4,342 in healthcare and towards health insurance.
- Paid $6,349 for personal insurances like life insurance, pensions, and social security.
- Spent $9.505 in transportation including vehicle purchases, gasoline, and motor oil.
As previously stated companies like us are supposed to understand these types of spending habits to determine if consumers are able to pay their bills. Knowing how people spend their money seems like it would be a personal matter not privy for our ears; however, identifying how much and where a consumer spends his or her money can help us redirect funds to pay off past due accounts owed to your company.