Negative view of the economy may spur some to cut back, while those who can't may consider consumer credit counseling

By Sam Craine on Feb 5th, 2010

Now that the holidays have come and gone, many consumers have cut back on their spending, and a recent survey shows they'll continue that trend.

According to Discover's U.S. Spending Monitor, 53 percent of survey respondents said they would spend the same amount in February as they did in January. Furthermore, many respondents said they plan on cutting back on spending in discretionary areas, with 54 percent saying they would spend less on personal purchases.

"Consumers appear to be holding steady on their spending patterns," said Julie Loeger, senior vice president of brand and product management for Discover.

One reason consumers may be sticking to budgets is because of their view of the economy. Fifty-six percent of those polled said they viewed the economy as "poor." Also, 49 percent said they felt as though conditions were declining further.

And though a viewing the economy as being in bad shape may spur some to cut back and save, other consumers may not feel as though they have the means to do so. However, those people may consider consumer credit counseling, which can help them build a budget to better handle their finances.

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