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Debt consolidation may help as poll shows consumers place value in paying off bills
By Angela Hawke on May 4th, 2010
Recent economic difficulties made it hard for many consumers to pay off debt, let alone put money aside in savings.
The recession may have also influenced how consumers gauge personal economic success, according to a recent survey from TD Ameritrade. Thirty-nine percent of respondents to the poll said that doing well financially is tied to being out of debt, while 29 percent said it is associated with being able to save money for future concerns.
Diane Young, director of retirement and goal planning for the company, said unemployment, dropping home values and a unfavorable conditions in markets made it hard for consumers to continue living the way they were used to. Others found it hard to even make basic bill payments, though she added that saving money is still an important goal.
"What starts out as a small contribution today can grow over time," Young said.
One hurdle to overcome when trying to save money is credit card debt, which people may have used to pay their bills when money was tight. In order to help out with payments, consumers may consider debt consolidation, which can help them reduce the amount of interest they pay.
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