| May 18, 2016

Hurts So Good

This year, Americans feel both pleasure and pain when it comes to their money.

 
How are you feeling financially? If you believe a bunch of accountants, you’re suffering a little more today than you were last year.

Each spring, the American Institute of CPAs (AICPA) compiles two interestingly titled studies: the “Personal Finance Pleasure Index” and the “Personal Finance Pain Index.” Then they compare the two and declare how Americans are feeling about their earnings, spending, and debt.

This year, the Pleasure Index dropped a slender .3 percent while the Pain Index jumped 3.9 percent.

Weirdly, most of the raw data is positive.

“The economic picture was fairly positive,” says Michael Eisenberg, a member of the AICPA’s National CPA Financial Literacy Commission. “Housing prices are up, unemployment is down, and the stock market has been doing very well since mid-February.”

Remember, though, that the pleasure-and-pain indexes don’t just measure numbers. They measure how Americans feel about those numbers – and the bitter presidential campaigns in both parties doesn’t instill confidence in the average citizen.

“These indicators can easily get drowned out by the political discussions during the campaign season and make it more difficult for people to accurately gauge their financial well-being,” Eisenberg says.

Indeed, the AICPA points out that…

  • “Job openings remained at historically high levels” and “the underemployment rate was at a 9-year low.”
  • “Delinquencies on loans were down, 5.6 percent lower than the previous quarter and 22.7 percent lower than the same time in 2015.”
  • Rising home values have freed about 10 million homeowners from negative equity in the past four years.”

Consolidated Credit President Gary Herman says he warns his clients: Worry about your numbers, not anyone else’s.

“It cuts both ways,” Herman says. “Many people get into debt because they try to ‘keep up with the Joneses’ and overspend without worrying about the consequences. Then they get make rash financial decisions because they listen to presidential candidates who predict doom and gloom if the other party gets elected.”

Herman insists the smart decisions about your money have almost nothing to do with what your neighbors are buying or what the nation as a whole is thinking.

“It’s called personal finance for a reason,” he says. “Your own financial pleasure and pain index is unlike anyone else’s. That’s why Consolidated Credit trains so many certified credit counselors – because we give each client a personalized, in-depth debt analysis. Only then can we craft an equally personalized way to climb out of those debts.”

Herman encourages anyone in debt to call for a free, no-obligation debt analysis.

“Over the past two decades, we’ve helped millions of people,” he says. “They call in pain, they leave quite happy.”

"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.
Click here to learn more.

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.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation