The latest consumer confidence numbers are out. It’s not good news.
Apparently consumers are less confident now about the future than they’ve been in a while. The Consumer Confidence index dropped almost seven points from last month.
Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence is now back to levels last seen during the 2008-2009 recession. Consumer expectations, which had improved in September, gave back all of the gain and then some, as concerns about business conditions, the labor market and income prospects increased. Consumers’ assessment of present-day conditions did not fare any better. The Present Situation Index posted its sixth consecutive monthly decline, as pessimism about the current economic environment continues to grow.”
Without a growing confidence about the future, consumers will not engage in the consumption of credit again. Without that consumption of credit the demand for debt relief services will continue to be flat as the pipeline of problem debtors is further cleaned out over time.
It’s been a while since I took a look at the search trends to give us an indication of demand. You can look at this article from August to look at as a comparison.
Google Search Trends
Consumer Credit Counseling
Chapter 7 Bankruptcy
If there’s any good news it’s that it appears consumer demand has reached a plateau and any interest in the various options is milady fluctuating around these current levels since about March, 2011.
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