Calls for help with debt are growing. Consumers are considering drastic measures to deal with their debt, including bankruptcy, foreclosure, dramatically downsizing their lifestyles, or taking second jobs to make ends meet. That's according to a recent report by Financial Finesse, a provider of unbiased financial education programs to corporations and municipalities.
They operate a Financial Helpline and have been analyzing trends in consumer spending as well as saving and investing habits for over nine years from employees of over 300 large corporations who call their Certified Financial Planners™ with questions about any financial topic.
According to Financial Finesse's most recent report, in Q1 2009, a record 64 percent of all calls focused on debt and money management versus 58 percent in 2008 and just 43 percent in 2007. Their report also found that far fewer callers are focusing on retirement planning, which is still an even more pressing issue for many boomers.
I wish I had a positive piece of advice to wrap this story up nicely, but these are tough times. The best advice I can give is to get help — sooner rather than later. Your financial future depends on it.
Gerri Detweiler – Personal finance author and Credit Advisor for Credit.com, Gerri contributes budgeting, debt recovery and savings information online. She is also the co-author of Reduce Debt, Reduce Stress: Real Life Solutions for Solving Your Credit Crisis.
Gerri Detweiler Credit.com's Personal Finance Expert, Gerri focuses on financial legislation, budgeting, debt recovery and consumer savings information. She is also the co-author of Debt Collection Answers: How to Use Debt Collection Laws to Protect Your Rights, and Reduce Stress: Real-Life Solutions for Solving Your Credit Crisis as well as host of TalkCreditRadio.comTalk Credit Radio. Reach Gerri at creditexperts@credit.com.
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