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Debt management may be option as more consumers face financial difficulties
By Marvin Milner on Apr 13th, 2010
Recent data from Consumer Reports notes consumers may be facing more economic trouble than ever, despite recent gains for the economy.
The firm's Trouble Tracker Index posted its largest monthly increase, rising from 52.3 in March to 63.5 in April. A number of financial difficulties drove the index higher, including consumers' inability to afford medical bills or facing increases in credit card interest rates.
"Sentiment is going to remain soft as Americans are still being buffeted by economic difficulties, particularly affording healthcare, and keeping pace with debts and credit," said Ed Farrell, a Consumer Reports National Research Center director.
A number above 50 on the Trouble Tracker indicates more consumers have been affected by a negative financial event in their lives. While the month-to-month increase was rather large, the index is also higher than the 55.4 reported in April 2009.
While more consumers could be facing problems with higher credit card rates, they might consider turning to a debt management plan, which may help lower the amount they end up paying in interest.
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