Much has been made about consumer confidence as the key to the recovery. Once we get people to stop worrying about their jobs and financial stability, they’ll start spending — and pump money into the economy!
But a recent survey shows that consumers — specifically consumers struggling with personal debt — are actually pretty confident in their ability to pay off their own debt. In the government’s ability? Not so much.
A whopping 83 percent of consumers currently struggling with credit-card debt said they believe they are more capable of paying off their debts than the federal government, according to a survey by CESI Debt Solutions, a debt-counseling organization.
What’s more, 93 percent said they were convinced that they would pay off their own personal debt before the federal government ever paid off the national debt.
The poll was taken in September, fresh off the debate — Who's on first? What's on second? I don't know. THIRD BASE!— over whether or not to raise the debt ceiling.
The problem, it seems, isn’t how we’re going to get consumers more confident in their own financial situation, it’s getting them to stop thinking of their political leaders as that loser cousin who drives a fast red sports car but still lives in his mom’s basement and asks you to borrow 20 bucks every time you see him.
Good luck with that. That guy's mom has been trying to get him to clean up his room and stop blowing his allowance for years!
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