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Debt management plan and consumer credit counseling may be options as consumers work to avoid debt
By Edith Barlow on Jul 13th, 2010
A recent survey from American Express shows that many consumers have been focused on trying to pay off debt, as might be expected after a recession.
According to the company's Spending & Saving Tracker, 75 percent of consumers did not take on additional debt during the last six months. Furthermore, 46 percent said they are trying to pay off debt, while 29 percent said that saving money has been a goal.
The study also showed that 57 percent of consumers have engaged in a particular plan to pay off debt.
One option they may consider is a debt management plan, which may make it easier to control bills while also providing some savings in interest payments.
Another consideration might be a consumer credit counseling service, which can analyze a person's finances and set up a budget based on their income. This can also lead to a reduction in discretionary spending as consumers shave off unnecessary expenses.
Still, the AmEx study showed that summer weather is encouraging spending, with 26 percent of respondents saying that they have parted with more of their cash.
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