Recently I wrote about my forecast for a decreasing demand for debt relief services. Here is another part of the puzzle that seems to show decreasing consumer interest in some specific debt relief topics using the Google trends search traffic monitoring tool.
The data was filtered for U.S. searches only and as you can see, there are noticeable declines in search demands for the major debt relief options in 2010 and entering 2011.
From the search traffic data it appears there was a surge in all debt relief solutions, except for credit counseling in 2009. The trend for credit counseling has been on a downward decline since 2004, long before the increase in searches for debt settlement and bankruptcy starting in 2008 and continuing through 2009.
I had also written about the missing January bump this year. This is a phenomenon that generally appears each January when holiday bills arrive and push consumers to seek solutions for problem debt. You can read this article for more information. The best chart to see this is the credit counseling chart below. Notice the big December drop followed by the January spike for all previous years.
If you look at the credit counseling and debt settlement search traffic for January, 2011 you will notice the lack of a perceived January bump holds out in the search jump for the first month of 2011.
Of particular interest is that search traffic for one debt relief option over another does not appear to show that one option, like debt settlement is increasing and forcing the others down. Te basic trajectory of all solutions appears to be similar.
Debt Relief Search Trends Continue to Show a Downward Decline by Steve Rhode
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