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Though consumers cut back on spending, others having trouble may consider a debt management plan
By Peggy Stillwell on Feb 19th, 2010
A recent poll shows that Americans have pulled back on the amount of money they spend.
According to Gallup, consumers across a number of income groups cut their spending in January when compared to the month before. For example, both middle- and lower-income families in the country said they spent about $54 a day, which is down 13 percent when compared to December.
That's also less than numbers in January of last year, when people in those income brackets said they spent $58.
Even upper-income families (those earning $90,000 or more annually) said they reduced spending in January. Those respondents said they spent $113 a day on average, down 14 percent from levels reported in December. However, January 2010's amount is about the same spent during the same month last year.
"Evidently these Americans decided to use their discretionary income during the holidays, but pulled back once more in early 2010," Gallup chief economist Dennis Jacobe wrote.
Though the numbers from Gallup show consumers may be concentrating on reducing spending, other may still struggle with their debt. However, there are options available to help ease financial pain.
For example, consumers may consider a debt management plan, which can help cut back interest payments while also making bills easier to track.
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