Consumers negative about finances, but you can change your situation
Written on July 11, 2011 by Wiley Hayden
Consumer sentiment rose slightly in June, but overall consumers are negative about their financial situation. The Consumer Sentiment Index edged up to 48.5 from the previous month, with people earning less than $50,000 and senior citizens having the weakest consumer sentiment. A number above 50 indicates more people feel positive.
Economy still hasn’t recovered
“The economy is treading water and really hasn’t shown any momentum toward recovery,” said Ed Farrell, a director at Consumer Reports National Survey Research Center. “Consumers remain cautious, especially households with income less than $50,000, who have been hurt the worst and face the biggest stresses regarding jobs, unpaid bills, and health care access and affordability.”
One of the biggest concerns among consumers is the job market. The U.S. unemployment rate is at 9.2 percent and many Americans are struggling to keep up with mortgage payments, credit card debt and other bills. The Consumer Reports Trouble Tracker showed that people are dealing with more money problems than the previous month, although their problems aren’t as severe as a year earlier.
Finding debt solutions
If you’re feeling negative about your finances because you have a lot of credit card debt and other bills, it may be time to make some changes. Getting help with debt is important whether you are employed or jobless. Among the debt solutions to consider is debt counseling. Tackling a mound of debt and other financial problems can be overwhelming, so having help could make the process more manageable.
You could also consider credit consolidation. This would allow you to combine multiple credit card debts and other bills to make the payments more manageable and pay less interest over time. You can consolidate debt on your own with a bit of organization and persistence. However, if you choose to use a debt consolidator, take time to research different programs and get all the terms and conditions before signing up.
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