Debt A Priority For Fewer Consumers
A recent poll indicates consumers are less concerned about paying off debt to banks and lenders than they were last year.
In the most recent BAI and Finacle Index of Bank Sentiment, only 51 percent of consumers said it was a priority to pay off their credit card debt in pull each month. This marked a 2 percent decline from the companies' previous poll in February 2010.
In addition, only 45 percent of respondents said they were making it a priority to put aside more of their monthly earnings in savings accounts, the report said. This marked a 6 percent decline from the previous index.
However, while some consumers are less concerned about their debt, this may be because more are happy with their current banks.
"Banks appear to have gained a clearer understanding of the fast-changing consumer mindset, and the banks are more aligned with customers’ attitudes and preferences," said Ajay Nagarkatte, managing director, BAI Research.
The poll found that a recent slackening of borrowing restrictions and investments in new technology have improved consumers' relationships with their current financial provider.
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