Even though the housing market seems to be improving and the trouble on Wall Street has settled down, reports are showing that Americans are more stressed now about their finances than they have been in nearly a year. As such, consumer confidence is at a yearly low (38.1) according to the September Consumer Reports Index. Check out the following article explaining why confidence is continuing to decline courtesy of Biz Journals.com.
Increased credit card, health care and personal loan issues are the drivers behind their dour demeanor.
When the index is greater than 50, more consumers are feeling positive about their situation. When it is below 50, more consumers are feeling worse.
On a positive note, shopping for big-ticket items such as a home or car looks strong for September, the report noted.
"Despite the negative forces consumers are facing, we have seen some stabilization and improvement in key indicators that suggest we could see an improvement in consumer sentiment over the next month," said Ed Farrell, director of the Consumer Reports National Research Center.