Michelle Singletary Flags 5 Spending Lies as Credit Cards Hit 35% of Transactions
Updated
Updated · The Washington Post · Jul 4
Michelle Singletary Flags 5 Spending Lies as Credit Cards Hit 35% of Transactions
1 articles · Updated · The Washington Post · Jul 4
Summary
Five recurring money myths anchor Singletary’s updated advice: claiming to have a budget, an emergency fund, disciplined credit-card use, limited dining-out habits, or no clear reason for being broke.
35% of consumer transactions were made by credit card in 2024, she notes, arguing that plastic lowers the pain of spending and can hide overspending until statements arrive.
Nearly $4,000 went to food away from home for the average U.S. household in 2024, while one family she reviewed had spent $1,500 on restaurants in a single month.
A caller without a real budget and a homeowner understating housing costs illustrate the pattern: people often misread their finances until statements expose the gap between belief and behavior.
Six months of bank statements, sorted by category, are Singletary’s proposed reality check to separate needs from wants and free cash for savings or debt repayment.