Women in the Consumer Reports survey reported being more worried than men about personal finances, with 63 percent of women having planned to curb holiday spending this season, compared to only 36 percent of men. Women were also more likely to charge less to their credit cards, cut back on spending for entertainment and eating out, and postpone home improvement projects and big-ticket purchases for their home.
As a whole, both men and women were most concerned about the stability of their retirement funds, as well as their ability to pay for college, health care, and credit card debt.
As consumer debt levels reach $2.6 trillion and credit card defaults continue to climb after hitting a near-record high in December, consumers are feeling a heightened uncertainty about how they're going to pay their bills, especially as the news about unemployment keeps getting worse: 35 percent of survey respondents indicated that they were unsure about their ability to pay down existing credit card debts.
"The results show people are still very nervous and confused about what to do next," said Noreen Perrotta, Consumer Reports money editor.
It's clear that consumers are already struggling with finding a way to pay their bills. Nationally, foreclosures skyrocketed by 81 percent in 2008, with 3.2 million foreclosure filings reported, and Americans are past due on $25 billion in auto loans.
Weighed down by overwhelming debt loads and the unstable economy, consumers - women in particular - are increasingly turning to debt relief services and debt reduction programs to help manage their debt.
