Consumers got more bad news Friday when the government reported that the economy shrank by a 6.2 percent margin, worse than previously expected.

Previous estimates had said the economy would shrink by 3.8 percent in the last quarter, which in itself is a fairly significant drop. This, combined with other economic statistics, is providing little reason to expect an economic improvement in the near future.

"It's just doom all over. There's nothing good to take away from this report. I think there's a few more bad quarters to come," currency research Boris Schlossberg was quoted as saying in a Reuters report, which also noted that observers were expecting a drop closer to 5.4 percent.

Reuters also cited its recent consumer sentiment index survey, which fell to 56.3 from 61.2 last month.

The economic news means that consumers can look forward to months of additional belt-tightening and careful budgeting, while also paying close attention to things like their personal debts and credit ratings.

If you're having trouble making ends meet in the current economy, one strategy may be to consider using payday loans.

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