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Some spending more, while consumer credit counseling can help those still watching wallets
By Sam Craine on May 23rd, 2010
A recent poll shows fewer consumers cut back on their spending habits when compared to earlier months in 2010.
According to the Gallup survey, 47 percent of consumers in May said they reduced spending, compared to 57 percent who said the same in February. Furthermore, the number of people who increased spending went up from 17 to 22 percent during that time.
"While this is clearly good news for the nation's retailers, it is tempered by the fact that after two years of recession, nearly half of all Americans across most demographic groups continue to say they are cutting back on their spending," a report from Gallup said.
Many consumers reduced their spending during the economic downturn, especially in the face of job losses and increases in credit card debt interest rates. However, the country's gross domestic product has grown for the last three quarters, an indication that more people have been willing to part with their money.
However, some consumers may still be watching their wallets, especially with the jobless rate near 10 percent. People who are looking for additional budgeting help may consider visiting a consumer credit counseling agency, which can analyze incomes and help construct a spending plan.
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