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Confidence in paying off bills drops, though debt consolidation an option
By Marvin Milner on Feb 16th, 2010
A recent report from Country Financial shows that the amount of consumers who feel as though they will be able to pay off their debts saw a drop.
According to the survey from the group, the over number of respondents who felt confident they could pay off debts on time dropped to 74.9 percent. That's down from the 78.7 percent who felt the same way in December of last year.
Overall, Country's Financial Security Index dropped 3.2 points in February to 63.1. The drop appeared after an increase reported at the end of last year.
"We do tend to see a drop in sentiments early in the year as the holiday cheer subsides and credit card bills from those festivities come due," said Keith Brannan, vice president of financial security planning for Country Financial.
Though some consumers may be wrestling with credit card debts from the holidays, they should keep in mind they may have options in dealing with them. For example, they may consider debt consolidation, which could allow them to pay off debt at lower interest rates.
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