Consumer Confidence Crash | Popular Payday Loans

Payday loans and the credit crunch

Somehow, Valentine's Day didn't restore faith in the economy.

Consumers don’t have confidence in much of anything nowadays, including traditional banks, which is one reason payday loans are more popular.

The Consumer Confidence Index plummeted in February to a record low. The Consumer Confidence Index has been around since 1967, and this month it hit its lowest mark ever.

Worse than bad

Last month analysts were astounded when the Index hit an significantly low 37.4. But February marked an astounding drop in consumer confidence as the reading plummeted to 25. Analysts had expected the number to be about 35.

Index explained

The Consumer Confidence Index measures consumers’ degree of optimism about the current state of the economy. Basically, this month’s reading means 25 percent of consumers are optimistic about the economy. I guess when people need to get payday loans because their credit and savings have dried  up, it doesn’t make them very optimistic.

Psychic pessimism

The Index also calculates levels of optimism regarding the economy’s near future. February that number was 27.5. So about 27.5 percent of consumers think the economy will get better in the next few months. Last month, 42.5 percent of consumers were optimistic about the future. I guess it’s been a rough few weeks. ... click here to read the rest of the article titled "Consumer Confidence Crash | Popular Payday Loans"