SOURCE: Consolidated Credit

Consolidated Credit

February 09, 2012 07:49 ET

Consumers Plan to Save More Money and Pay Off Debt, Consolidated Credit Survey Says

FORT LAUDERDALE, FL--(Marketwire - Feb 9, 2012) - Consumers delayed their debt payments and shopped more often this past holiday season.

However, in 2012 they are focusing on reducing debts and increasing savings, according to a new survey by Consolidated Credit Counseling Services, Inc., the nation's foremost national nonprofit debt counseling organization.

According to a poll of over 1,000 consumers nationwide, 70 percent said they were planning to make a financial change this year. Sixty-seven percent of those surveyed said they wanted to reduce debt, more than 21 percent said they wanted to increase savings while only 2 percent said they wanted to pay off student loans. The least cited financial changes were to invest more money and to pay off a mortgage at .7 percent and .3 percent respectively.

"It seems reasonable that consumers are planning to be more financially conservative this year in light of the economy and unemployment rates, but we want to reinforce that financial changes need to be carried throughout the year and just not end in February or March," said Howard Dvorkin, CPA and founder of ConsolidatedCredit.org.

Consumers who want to stick to their resolutions can find a free Budgeting 101 Guide, which includes a step-by-step budget guide, worksheets and inspiration.

Other findings of the poll were:

  • 80 percent said they owe more than $2,000 on credit cards and 51 percent said they adhere to their current budgets.
  • Fifty-six percent said they will cut-out unnecessary shopping, while over 26 percent stated they will reduce their eating out expenses.
  • Twenty-five percent of the participants have an annual income of under $30,000, 21 percent earn between $30,000 and $40,000, and nearly 20 percent said their income is $70,000 or more.

The survey results coincide with national data that indicates lower overall debt.

According to a CreditKarma.com report, despite an increase of consumer debt during the holidays, consumers ended the year with less credit card debt than in the beginning of the year.

Consolidated Credit Counseling Services, Inc. conducts the Financial Consumer Intentions Survey bi-annually. This 19-year old organization assists families throughout the United States in ending financial hardships through education and professional counseling. For more information about Consolidated Credit Counseling Services, Inc., visit www.ConsolidatedCredit.org or call (877) 201-7780. More information can also be found in Spanish by visiting http://espanol.consolidatedcredit.org or calling (800) 560-6213.

Consolidated Credit Counseling Services, Inc.
Consolidated Credit Counseling Services, Inc., founded in 1993, is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.

Contact Information

  • Contact
    April Lewis-Parks

    Consolidated Credit Counseling Services, Inc.
    (954) 377-9344
    Email: Email Contact