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What did people do with the money they saved on gas

 

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By Eden Shulman | March 20, 201   
 

Gas prices have fallen 33 percent in the past year, down to an average of $2.39 last week. What are consumers doing with those savings?  Money saved on gas

Well, according to a recent poll by American Consumer Credit Counseling, pretty much the same things they always spend money on. No splurging on Caribbean vacations or high-definition TVs -- at least none they were willing to share with pollsters. About 29 percent said they used the money for daily expenses, another 29 percent reported using it for paying down debts, and another 11 percent reported putting the money in their savings.

The savings have added up. A full 39 percent of people reported saving between $10 and $20 every time they fill up, while 26 percent say that they save between $20 and $40. For commuters who get behind the wheel every day, the savings were substantial.

The high price of gas over the years has led consumers to be more conscious about the money they spend on fuel. An Edmunds.com study showed that for 79 percent of consumers, fuel efficiency is more important when buying a vehicle than safety, body type, or price.

American Consumer Credit Counseling (ACCC) is a nonprofit company that provides consumers with credit counseling, debt management services and other valuable financial information. ACCC's home buyers guide includes information about the home buying process, with advice for first time buyers and current homeowners alike. Consumers can take ACCC's home buying seminar online and on mobile devices, working at their own pace to complete the course. The home buyers course provides the certification required to qualify and close on certain housing loans, including federal mortgages programs for those buying a house for the first time. ACCC also provides reverse mortgage information that includes answers to questions like "What is reverse mortgage?" and "Do I qualify for a reverse mortgage?"

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