Turnaround In 2009?
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Though times are tough now, Americans believe the economy will bounce back by next year. A poll showed 60% of respondents think economic conditions in the United States will be “good” next year.
Most people realize that the economy has cycles of ups and downs. Fortunately, the last two recessions were some of the shortest on record, so in 2009 we should be pulling up out of this. Most Americans feel the economists are right.
83% said they are “confident” of maintaining their standards of living next year, and 85% are “confident” they will keep their jobs over the next six months. Consumers also showed faith that they would be able to pay off their future debts, with 90% of respondents demonstrating confidence they would be able to meet their monthly mortgage payments for the duration of the mortgage.
Other debts like college loans, car payments, and credit cards are in no danger of being defaulted too. The average amount of credit card debt of those polled was $4,000. The Fed’s rate cuts will start to take their toll later this year, and hopefully, the economy should bounce back by the end of 2008.
