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Although Midwesterners less optimistic, debt consolidation may help with bills
By Marvin Milner on Jun 4th, 2010
The recession has caused many people to feel negative about their finances and the economy as a whole, although some may be feeling more blue than others.
According to a poll from Citi and Hart Research Associates, 61 percent of Midwesterners said they did not think the economy had reached its low point. However, the survey also showed that 58 percent felt as though local business prospects would improve this year, while 65 percent said the same about their own personal financial situations.
"Though Midwesterners are feeling some thaw from the economic winter, the events of the past few years continue to have long-lasting effects," said Citi Personal Wealth Management director of financial education Jonathan Clements.
Midwesterners showed some frugalness when it came to what they would do if they happened upon some spare cash. Thirty-seven percent said they would save the funds, while 30 percent said they would use it to pay bills that were late. Meanwhile, 20 percent said they would invest it while 11 percent would spend it.
However, with money not growing on trees, consumers may wonder how they can deal with issues like overdue credit cards. One option they could consider is debt consolidation, which makes bills easier to pay by reducing the number of statements people receive.
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