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Consumer credit counseling may be an option as Americans concentrate on dealing with debt
By Marvin Milner on May 19th, 2010
A new survey from Western Union shows consumers have changed some of their habits to make sure their finances are prepared for any future economic difficulties.
According to the poll, 73 percent of those polled said they had cut back on spending, while 61 percent said they had started shopping at discount retail chains such as Walmart or Target. Furthermore, 39 percent said they had set up a household budget to keep tabs on their spending.
The survey also showed 45 percent of respondents who have a modified home loan said they knew that having regular payment scheduled would help them stay on time on their mortgages. One-third of respondents said they felt as though a mortgage modification would help them deal with debts.
"With Americans understanding how to better manage their mortgage and spending, they are positioning their households to survive and thrive in this economy," David Shapiro, senior vice president of the company's global business payments division, said.
While some Americans are focusing on putting themselves in a situation where they can make their bill payments on time, others may still be having trouble structuring their finances or eliminating unnecessary expenses. However, these people may consider visiting a consumer credit counseling service, which can aid them in establishing a spending plan by taking into account their incomes and expenses.
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