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Consumers upbeat about repaying credit card debt
Consumers are extremely upbeat about the overall credit situation if an Experian-Gallup Personal Credit Index(SM) survey is to be believed. For the second month in a row, optimism levels are at their highest. Most customers strongly believe that they can and will reduce their debts and improve their financial situation soon.
Three quarters of the people surveyed were planning to reduce their credit card debt in the New Year. However, not everyone could say the same thing about their overall debt levels. One possible reason for the optimism is that people have learned a bitter lesson the hard way. The year that went was one of the toughest in recent years.
Daily costs were on the upswing, many people lost their jobs and prices of things were rising. All of these are good breeding grounds for a heavy credit situation. However, with the experience of 2005 behind them, people have a better idea and a plan to deal with debt and to even eliminate it.
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