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While incomes increase, debt consolidation may help those still struggling
By Oscar Monfort on May 3rd, 2010
On the whole, an increase in incomes should mean that consumers are having an easier time dealing with their debt.
March saw personal income increase 0.3 percent, or $36 billion. While how much people took home increased, so did disposable income, which was up $32.3 billion. Incomes have seen monthly increases since at least November of last year as the economy continues to improve.
Along with being able to pay off debt, a rise in personal incomes means consumers may have more money in their pocket to spend on goods and services. March saw consumer spending up 0.6 percent, and like income, the amount people have to pour into the economy has increased since at least November. For example, February saw consumer spending increase 0.5 percent, while January posted a 0.3 percent increase.
Although some people may have more to spend, others may still be struggling with bills they accrued during the recession. One way people may be able to deal with this problem is debt consolidation, which can help reduce the amount of time it takes to square away old balances.
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