| September 12, 2012

Consolidated Promotes Fiscal Responsibility as Spending Decreases

FORT LAUDERDALE, Fla–In the face of high unemployment rates and slow growth, consumers have swiped their credit cards much less than in previous months. According to the Federal Reserve, credit card debt fell to $850.7 billion in July, down from $858.8 in May.

Total consumer borrowing also dropped by $3.3 billion to $2.705 trillion in July, marking the first decline since August 2011.

These figures suggest that consumers remain cautious about spending as a result of the economic crisis. But the economy is not the only reason consumers are holding back; many are spending less because they are learning the benefits of living within their means. Instead of following their buying impulses, consumers are concentrating on budgeting and paying off debt.

This change in consumer behavior is reflected in Consolidated Credit’s call center, which has experienced a higher number of calls from consumers seeking budgeting and debt help. The number of calls the organization receives daily has risen 15 percent since the beginning of the summer and counselors now get more than 1,200 calls a day.

Consumers have also increased their savings in the second quarter. Americans saved 4 percent of their after-tax income, up from 2.5 from the beginning of the recession, according to the Federal Reserve.
Consumers should continue saving and paying off debt because the economic crisis is not over. Consolidated Credit advises the following savings tips to consumers:

Build a safety net: During tough economic times it’s important to build a strong financial framework to be prepared for emergencies. The key to building a six-month emergency fund is to cut down on unnecessary spending. Skip the morning coffee, bring lunch to work, forget the Saturday night restaurant trips, stay home and read a book instead of going to the movies.

Control stress and anxiety: Many people like to go on spending sprees when they are depressed or anxious. One strategy to help become a disciplined saver is to look at long-term goals. For example, think about whether it is more important to satisfy a fleeting emotion or to be debt-free in the future? Think of real goals when feeling weak.

Buy generic products: Most name brands have the same ingredients as generic ones; the difference is the price! Generic products can be 30 to 50 percent less expensive. To be sure the products are effective, read the label.

Acknowledge debt: In order to solve a problem, it”s necessary to acknowledge that something is wrong. Even though confronting debt is scary, hiding won”t solve the problem. Talking to family members and financial counselors can make this process easier to overcome.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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