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Some willing to seek advice, such as services offered by consumer credit counseling
By Peggy Stillwell on Apr 20th, 2010
A recent survey shows that some consumers may not feel too educated when it comes to dealing with their finances, although they are willing to look for help.
According to the poll from the National Foundation for Credit Counseling, 34 percent of respondents would give themselves a grade of C, D or F regarding their understanding of personal finances. The percentage represents more than 77 million people who may be in line for some additional assistance.
"Although the survey did show some improvements in consumer behavior as it relates to personal finance, there are still serious deficiencies which impact consumers' ability to properly manage their money, particularly during an economic crisis," said NFCC spokeswoman Gail Cunningham.
For example, about 33 percent of those polled said they do not set aside some of their pay toward retirement. Twenty-eight percent said they are late with paying their bills, while 40 percent said they have credit card debt that carries from month to month.
However, the survey also showed 80 percent of respondents felt as though they could benefit from professional help, such as that offered by a consumer credit counseling agency. These firms can help by analyzing a person's debt and income to establish a budget that can help deal with bills.
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