Consumers’ financial security on the mend

Despite several market indications suggesting the economy is in a state of flux, Americans' feelings of financial security are on the rebound, a new report confirms.

According to Bankrate.com's December Financial  Security Index, the overall index grew 3.3 points to 95.8, the highest level its been at since June when it reached 97.8.

Every component of the index — which includes job security, savings, debt, net worth and overall financial situation — increased but the one that registered the biggest increase was consumers' feelings of job security at 64 percent, the report indicated. One year ago at the same time, consumers' confidence in keeping their jobs was at just 18 percent.

While the index improved, Greg McBride, senior financial analyst for Bankrate.com, noted that the year overall was a trying one for Americans.

"2011 was not a year of progress in terms of consumers' financial security," said McBride. "Each component … ended 2011 lower than where it was in January."

One way consumers may be able to improve their comfort with their financial situation is by reviewing their credit reports,making sure that all credit reporting is substantiated, relevant, fair, and accurate in order to ensure the best credit scores possible.