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With futures uncertain, some consumers may consider debt settlement
12/16/2009
Though consumers may not be sure what their economic future holds, some have taken on what could be wise habits to deal with money problems, including trying to pay off debt.
A recent survey from Country Financial shows that of the 23 percent of respondents who said they were getting a year-end bonus, 47 percent indicated they would use the additional money to pay off debt. Another 28 percent of those receiving bonuses said they would put the funds toward savings.
Keith Brannan, vice president of financial security planning for the country, said that though consumers may be feeling mixed when it comes to their economic future, habits like trying to pay off debt and save money could help them deal as they move forward.
"These smart choices, along with reviewing and updating their financial plans, can help Americans achieve financial security," Brannan said.
However, not every consumer is having an easy time trying to pay off debt. Some may consider turning to a debt settlement plan, especially if they don't feel as though they will be able to pay off their debts in full. Though it could affect their credit score, a debt settlement plan may help avoid the bigger hit brought about by bankruptcy.
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