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Spending up, though some may consider consumer credit counseling to set up budget
By Sam Craine on Mar 1st, 2010
The latest numbers from the government show that consumers are increasing their spending despite the fact that incomes grew at a slower rate in January.
According to the Bureau of Economic Analysis, consumer spending increased 0.5 percent during January, a rise of $52.4 billion when compared to December. Though people spent more, their gross income only increased 0.1 percent, or $11.4 billion.
Furthermore, data from the BEA shows that disposable income actually declined 0.4 percent during January, or $47.6 billion.
How much consumers spend is one of the key factors in trying to find signs of an economic recovery. As consumers become more comfortable with their own financial situations, they may be inclined to spend more, which can lead to the creation of jobs as business take in more income.
Of course, many consumers may not feel as though they are in a position to spend money. Others may actually feel as though they are being overwhelmed by the amount of debt they owe even if their incomes increased.
As a result, some may look for some outside help when it comes to things like budgeting. One option is a consumer credit counseling service, which can analyze a person's financial standing and set up a spending plan.
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