Economic Jitters May Forecast Gloomy Holidays
By Brian Williams on Tuesday, October 30th, 2007 :: 1:08 pmCategory: Financial News
If you are worried about money and are spending less, then you are not alone.
The Consumer Confidence Index fell for the third month in a row in October and is at a two-year low, according to the Conference Board.
Job market and credit worries
As the end of the year looms, more American workers are falling victim to layoffs and job cuts. With many Americans saddled with major debt, a job loss could force them into home foreclosure or even bankruptcy.
Higher prices for gas and food do not bode well for retailers as a modest increase in holiday spending is expected over last year. Obviously, many people are being frugal and cutting down credit card spending.
“Further weakening in business conditions has, yet again, tempered consumers’ assessment of current-day conditions and may very well be a prelude to lackluster job growth in the months ahead,” said Lynn Franco, director of The Conference Board Consumer Research Center in a statement. “In addition, consumers are growing more pessimistic about the short-term future and their rather bleak outlook suggests a less than stellar ending to this year.”
Credit debt relief for future financial security
The darkening economic forecast gives families a chance to pause and assess their finances and debt load. Getting out of debt should be the No. 1 priority for families looking to gird against an uncertain economic future.
You can start the process of credit debt relief now to prepare for whatever the new year brings. Debt consolidation can help you organize that high-interest debt from credit cards into a low-interest loan. Better yet, debt settlement gives you a credit expert that can work with your creditors so you can pay off a reduced debt amount.
Author bio: Brian Williams, a graduate of the University of Texas at Arlington, has 11 years’ experience writing and editing at daily newspapers in Texas. Learn more about Credit Solutions. Credit Solutions is your alternative to debt consolidation.
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