Three in 10 Consumers Say It’s Hard to Make Ends Meet

According to the latest Experian–Gallup Personal Credit Index survey, 28 percent of consumers worry about not being able to maintain the standard of living they enjoy, and 21 percent are concerned about not having enough money to pay their monthly bills.

According to the survey, in general, women are less likely than men to say they pay off the full amount each month (34 percent versus 41 percent). Also, those who do not save regularly are significantly less likely than their male counterparts to report they pay the full amount on their credit cards each month (18 percent versus 47 percent).

Additional survey findings on consumer credit card usage include:

• 37 percent say they generally pay the full amount of their credit card bill(s) each month.
• 13 percent say they usually pay the full amount but not always.
• 24 percent say they pay as much as they can but usually leave a balance.
• 11 percent report that they usually pay the minimum but not much more.
• 13 percent said they did not have any credit cards.

More information about the Experian-Gallup Personal Credit Index can be found at http://www.PersonalCreditIndex.com

© 2007 ACA International. All rights reserved.
Reprinted with the express written permission of ACA International

Allowing debt to pile up can indeed create worry and anxiety to go along with the needless waste of the hard earned money necessary to maintain a reasonable standard of living. Avoiding the job of addressing the issues will just compound the problem. At Security Credit Systems, Inc. we have found that applying some simple common sense can help.

• Do not worry, act – Creditors can and will make arrangements with consumers who are proactive in their desire to make good on credit card and other debt.
• Do not pay the minimum – You will only be covering the interest portion of the debt and it is easy to forget that the principal amount owed in not being reduced. If the payment amount is 5% of your take home you have effectively reduced your salary by 5% every year till you make a new arrangement.
• Do not loose your right to credit – 13% of the poll respondents did not have credit cards. A good percentage of these people may no longer qualify as a result of charge offs. Credit can be a life saver as long as it is managed.

SCS Staff