While a recent report indicates consumers earned more in the month of May — potentially leading to more spending — a new survey may give a more definitive indication of what it will take for people to start buying again.
According to a Harris Interactive poll conducted on behalf of the marketing firm Dex One, 42 percent of respondents said they would spend more if they had the ability to eliminate their mortgage debt.
"Small businessowners and retailers nationwide should be encouraged to know Americans are willing to spend if they could reduce some of their major debts," said Rick Hanna, executive vice president of sales and marketing for the firm. "Especially interesting was how Americans would spend their extra money."
Hanna added that many of these adults who say they would spend more if their mortgage debt was removed would buy large-ticket items, such as a new car or high definition television.
In order to buy these big-ticket items, consumers need to have good credit. A credit lawyer may be able to help consumers repair their three-digit numbers by investigation and challenging problematic items on their credit reports. The removal of these marks may provide consumers with the credit score help they need to qualify for a lower mortgage rate, allowing them to pay off their debt more quickly.