55% of Consumers Want Federal Subprime Help

More than half of consumers say they think the federal government should pass legislation to help subprime borrowers avoid foreclosure, according to the latest Experian-Gallup Personal Credit Index survey.The survey found that 55% of respondents favor such federal action, Experian reported. It also found that 50% are uncomfortable making a major purchase such as a home, a car, or major appliances over the next three months, and that 61% who said they were very familiar with subprime loans believe the problems in the subprime market will spill over into the wider mortgage market. The index can be found online at http://www.personalcreditindex.com.