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Thursday, May 27, 2010 - 6:37am

Financial Stress For Georgians

Updated: 4 years ago.
Georgia's higher than average foreclosure rate is one reason for high financial distress among Georgians. (photo: GPB stock)

Georgians have more financial distress than other Americans.  That’s the finding of a new index by a non-profit credit counseling group.  

The Consumer Distress Index measures financial conditions of American households on a 100 point scale where 70 and below is considered stressful.

 Nationwide the index stands at 64 point. In Georgia it’s 60 points.

 Mark Siegel with  CredAbility, which publishes the index, says it’s not surprising that the state is behind.

"When you think about the fact that our unemployment rate is exceeding the nation and under employment is compounding that.  The number of  foreclosures are ahead of the nation," Siegel says.

Both are factors used in calculating the overall index. Siegel says one bright spot in the index is that people seemed to have learned how to manage money during a recession.

“We’ve seen a remarkable increase in the responsible use of managing the household budget.  People are living within their means and starting to save again.”
   
This was the first publication of the new quarterly Consumer Distress Index.  CredAbility used to be the Consumer Credit Counseling Service and has changed it's name.   

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