Americans appear to have reverted back to their recessionary purchasing habits, reducing their spending and focusing more on saving, according to the latest Deloitte Consumer Spending Index.
The Index, which is developed by measuring tax burden, initial unemployment claims, real wages and real home prices, dropped to 2.66 percent in May, from the 3.29 percent recorded a month earlier.
"The labor market indicators are the primary cause of weakness in the Index, however the economy is up against other temporary headwinds that suggest weak growth may persist in the near term," said Carl Steidtmann, the chief economist at Deloitte.
Steidtmann said rising inflation and unemployment were two factors discouraging Americans from increasing spending.
As consumers search for ways to make their income stretch beyond necessary expenditures, many may look to get credit score help to lower their interest rate costs.
One strategy that may lead to a quick credit fix involves reviewing credit reports to ensure the listed account information is accurate and can be verified by the company that reported it. Any item that doesn't meet either of these requirements can be challenged for removal. Because consumers are often busy handling their everyday tasks, many will enlist the help of a credit repair service to investigate and dispute these unfair negative marks.