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Consumer Reports says people's sentiment up, though others still have trouble trying to pay off debt
01/22/2010
Many may be feeling stress about their current economic situation, though recent data from Consumer Reports shows some people felt more confident at the end of 2009.
According to the Consumer Reports Index for January, the firm's stress index stood at 59 for January, which is down from the 63 reported in December. When the index is below 50 on a 100-point scale, it means consumers are feeling less stress when compared to a year prior.
The firm's Sentiment Index also increased, going from 41.8 to 44.1. Consumer Reports noted that this was the first "meaningful" increase since June of last year.
"Consumer sentiment may be poised to begin a period of improvement," the organization said.
Consumer Reports also highlighted some of the major areas of trouble consumers faced. Of respondents, 14.4 percent said they saw increases in interest rates and penalty fees on their credit cards. Also, 8.7 percent said they missed a payment on a major bill.
Given the fact that some people are dealing with higher credit card interest rates or are unable to make ends meet, some consumers may consider a debt management plan, which can help them organize their bills into one payment, making it easier to keep track of them.
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