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Some still missing payments on bills in July, although debt consolidation may help
By Oscar Monfort on Jul 14th, 2010
A recent index from Consumer Reports showed some mixed results for consumers, as employment improved but some economic troubles still persisted.
The firm's Employment Index showed that 7.8 percent of Americans began a new job in July, a net positive when compared to the 5.7 percent who said they lost employment.
"The climb out of this recession remains slow with frequent setbacks and unlike most recoveries, where the climb out is roughly linear, we are seeing many ups and downs as consumers once again try to regain their footing," said Ed Farrell, a Consumer Reports National Research Center director.
While overall troubles for consumers declined according to an index from the organization, some problems still persisted. For example, 16 percent of respondents said they could not afford medications or health bills, while 8.9 percent said they lost their coverage.
Furthermore, 10 percent of respondents missed a payment on a major bill, although that does not include a mortgage. That's an increase from the 9.4 percent seen in June.
Consumers who find they are having trouble with bills may consider debt consolidation, which could lead to lower interest rates.
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