Consumer credit counseling may help as financial advisors suggest trying to pay off debt

By Peggy Stillwell on Jun 8th, 2010

A number of things may get in the way of consumers being able to handle their personal finances, including taking on too much debt or not having a cushion of funds.

According to a survey commissioned by the Principal Financial Group, 70 percent of financial advisors said that living beyond a person's economic capabilities was one of the stumbling blocks to being secure. Retirement is also a concern, as 56 percent said consumers may not be saving enough for their later years.

To make sure their clients are able to handle the current climate, the poll showed 72 percent are advising that people pay off debt, while 65 percent said they suggest upping retirement savings.

"Advisors work with clients at various stages of rebuilding," said Principal senior vice president for retirement distribution Timothy Minard. "For some it's guiding clients to walk before they run - in other words, advising clients to learn to live within their means."

People who are having trouble with their personal finances may also consider visiting a consumer credit counseling service, which can help them establish a budget based on their monthly earnings.

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