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Although fewer face increased rates, debt consolidation may help those who did
By Peggy Stillwell on May 11th, 2010
Recent data from Consumer Reports shows some consumers are having an easier time dealing with their bills.
According to the organization, financial difficulties faced by consumers fell in May, including medical payments or negative changes to credit card debt accounts. For the latter, 10.4 percent said they saw interest rates or penalty fees increase, down from the 12.1 percent who said so in April.
Not counting a mortgage, 8.7 percent of respondents said they neglected to pay a major bill, while 7.9 percent said they faced reduced medical coverage.
"We are seeing modest improvements across our indices since April, which demonstrate that consumers are starting the long slog out of this historic recession," said Ed Farrell, a director at the firm's National Research Center.
Still, some consumers did face increases associated with credit card accounts, which could make it more difficult to pay off bills. One option may be to consider debt consolidation, which can help reduce interest payments and the amount of time it takes for account holders to pay off their cards.
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