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Amount saved went up in December, though some may turn to consumer credit counseling to find ways to put away more money
By Angela Hawke on Feb 2nd, 2010
Saving money still seems to be an important goal for many consumers, according to data released recently from the government.
The U.S. Bureau of Economic Analysis reported that the personal savings rate as a portion of disposable income increased 4.8 percent in December, compared to the 4.5 percent saved the month before. In all, $534.2 billion was saved in December.
While savings increased, so did the amount of money that Americans had to spend. The BEA numbers show that disposable personal income was up 0.4 percent, or $45.9 billion, in December. Overall personal income also went up 0.4 percent, or $44.5 billion.
Though some Americans may have found ways to save up some cash in December, what remains to be seen is the effect of holiday spending on individuals' debt loads. This week, the Federal Reserve is expected to release the consumer credit report for December, which should show if people have continued to try and pay off their credit cards.
If some people are finding it difficult to save money and pay off debt, they may consider seeking some outside help. One option could be consulting with a consumer credit counseling agency, which can help a person set up a budget or find ways to reduce debt.
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