Financial security took a turn for the worse for many Americans in October, a new report indicates.
Bankrate.com's Financial Security Index fell to 92.8 in the month of October, down from 93.9 the previous month. It's the second lowest reading the index has stood at in 2011. Any reading that's below 100 suggests consumers' financial well-being is worse than what it was one year ago.
Greg McBride, senior financial analyst for Bankrate.com, attributed the decline to a variety of poor economic indicators.
"The weak economy, ailing housing sector and volatile stock market continue to undercut consumers' feelings of financial security," said McBride. "Americans' feelings about their savings, debt and net worth continue to erode."
With regards to debt, the survey found that just 20 percent were at ease with the amount of money they owed, a statistic that declined steadily since June, according to the source.
Occasionally credit agencies may believe a consumer owes money when they're actually current. This can result from errant notations left by a creditor, which can wind up lowering a credit score if left unchecked.