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24/01/2012 -
Consumers continue to pay off their debts, as financial security continues to improve amid otherwise hopeful outlooks for the U.S. economy in 2012. However, according to the most recent Bankrate Financial Security Index, consumers are less confident in their finances than they were a year ago.Forty-one percent of surveyed consumers are less comfortable in their savings than during this time last year, even as the index climbed for the second consecutive month in January. In regards to general debt, 23 percent of respondents claimed they are more comfortable than in January of 2011, and 23 percent said they are less comfortable.
"Each of the components - job security, savings, debt, net worth and overall financial security - improved over the past month," said Greg McBride, senior financial analyst at Bankrate. "This corresponds with a broader trend of positive economic data in recent weeks … The negative sentiment is highest among retirees and lower-income households."
The report was matched by a report by McKinsey Global Institute that found U.S. households have pared down debt by roughly 15 percent since the recession began. This includes dues on credit card processing, mortgages, auto loans and student loans.
