Although recent government reports suggest the economy may have taken a step backward during May, a new Kelley Blue Book survey indicates consumers are feeling more confident about their personal finances.
Kelley's Market Intelligence Survey for May found the number of individuals who think their personal economic situations are poor fell to 21 percent from 27 percent a month earlier. In addition, people who said they were worried about securing an auto loan decreased to 17 percent last month from the 27 percent recorded during a similar survey in January.
"If consumers feel more optimistic about the near-future state of gas prices and more confident in their personal economic situations, this will bode well for the automotive industry, though declining home values present a continuing concern," said Jack Nerad, executive editorial director and executive market analyst for kbb.com.
The recent recession forced many Americans to evaluate their personal financial situations and make major behavioral changes in order to keep themselves afloat. A number of consumers recognized the need to have a balanced budget and a pristine credit score if they wanted to qualify for an auto loan or mortgage in the future.
In order to raise their scores, some people may have worked with a credit lawyer to help them clean their credit reports of any inaccuracies or wrongly reported items. Looking for, and removing, problematic and questionable marks may give individuals the credit score help they need to feel better about their overall economic situations.