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Debt consolidation may aid younger people who spent too much
12/28/2009
Despite the problems they could face in the future, a recent survey shows young people still spent money during the year.
According to MediaPost, which relied on data from Performics, consumers in Generations X and Y were more likely to splurge on items even as the world dealt with a recession. The things younger people were mostly like to spend on were apparel, shoes, vacations and going to the movies.
However, a majority of consumers, despite their age, said they splurged during 2009. Overall, 76 percent of consumers said they did so during the year.
The study also showed that many people turned to the internet while making purchases. Michael Kahn, senior vice president of marketing at Performics, told MediaPost that tough economic times cause consumers to use the web in order to get the best prices on products.
"Regardless of who spent money offline or online, consumers were emphatic about the web's role in helping them make smarter purchase decisions in 2009," Kahn told the website.
Despite some finding better deals through the web, some consumers' spending habits may have caused them to land in a bad situation with debt. People who are having difficulties may consider turning to debt consolidation, which may aid them through reducing their interest rates.
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