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Debt consolidation may help as perspectives get a bit more positive
By Sam Craine on Jul 5th, 2010
The recession may have changed the way people deal with their finances, and a recent survey supports that claim.
According to the Pew Research Center's Social and Demographic Trends Project, 62 percent of Americans surveyed said they have reduced spending since the beginning of the recession in December 2007. Also, only 6 percent said they have upped the amount of cash they are willing to part with.
While the majority of those polled said they expect to get back to spending roughly what they did before the economic downturn, 31 percent said they were going to spend less in the future, while 12 percent said they would expect to increase it.
Many people are feeling positive about their personal finance prospects in the next year, with 62 percent saying they would improve. However, only 15 percent of those polled said the nation's economy is doing well.
Facing losses in employment, both in terms of hours and jobs themselves, may have caused people to have to rely on credit card debt to purchase necessary items during the economic downturn. In trying to pay that off, some people may consider debt consolidation, which can lead to a reduction in interest rates.
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