Income levels rise moderately

Personal and disposable income increased in the month of June, but only marginally, according to the latest figures released by the Bureau of Economic Analysis.

Personal income among consumers rose to $18.7 billion, while the disposable earning level was also higher at $16.3 billion. Both increased 0.1 percent.

Despite the increased amount of cash on hand, however, consumers opted to hang on to their money rather than spend it, as the report also indicated the rate of savings as a percentage of disposable income grew to 5.4 percent from May's 5 percent. That's the highest individual savings rate in 2011.

Economists tell Marketwatch that the country's financial health largely relies on spending and that the nation's fiscal crisis likely won't be resolved until consumers start buying more.

Once consumers begin purchasing things on a more regular basis, they may want to keep track of their finances to make sure everything is being recorded accurately. By doing this, consumers can reduce the risk that a creditor would send information to credit bureaus regarding unsubstantiated purchases, which could then lead to bad credit when those accounts remain unpaid.