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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:

1. Leasing rather than buying a car in the belief that leasing costs less;
2. Not searching carefully for a competent, honest, auto mechanic;
3. Assuming their insurance agent will "shop the market" to get the best auto and homeowner policy;
4. Not holding a cash-value life insurance policy for at least 15 years;
5. Not maintaining the minimum balance required to avoid checking fees;
6. Holding many credit cards;
7. Taking out a 30-year mortgage loan rather than a 15-year loan, just because the monthly payments are lower;
8. Paying in full for home improvements before the work has been completed satisfactorily;
9. Purchasing new appliances that are not energy efficient; and
10. Not comparing unit prices on supermarket shelves.

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