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Confidence up, though continuing rough times may prompt some to find guidance from consumer credit counseling
01/29/2010
Though some people may be facing problems with pay off debt, overall consumer confidence increased in January.
The Conference Board's Consumer Confidence Index increased during the month, rising from 53.6 to 55.9 in December. The top range of the index is 100 and is set by consumer confidence observed in 1985.
"Consumer confidence rose for the third consecutive month, primarily the result of an improvement in present-day conditions," Lynn Franco, director of the board's Consumer Research Center, said.
Regarding present-day condition, people who felt that conditions for business were "good" rose from 7.5 to 9 percent. However, those who felt they were "bad" also rose from 45.7 to 46.1 percent.
Feelings about the labor market also saw a more positive response. Those polled who said it was difficult to get a job fell from 48.1 to 47.4 percent. People who felt that jobs were "plentiful" increased from 3.1 to 4.3 percent.
Though confidence may be improving, some consumers are still struggling with credit card debt. A recent report from Moody's shows that charge offs on credit cards increased 2.5 percentage points last year.
People who are having problems may consider visiting a consumer credit counseling service, which can give them advice on how to handle their finances. Doing so may give people the boost they need to feel more sure about their funds.
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