New index shows Georgians financially ‘distressed'
The economy may be improving, but Americans -- Georgians, in particular -- remain in financial “distress,” according to a new survey released Wednesday by CredAbility.
The quarterly survey measures a consumer’s job status, ability to pay rent or mortgage, credit worthiness, spending habits and net worth. In all, CredAbility crunches data from 38 government and private sources to determine what it calls the most comprehensive compendium of financial stability.
While consumers are, finally, saving more money, the unemployment-and-foreclosure morass continues to sunder the average American household’s economic health.
Americans, during the first quarter of 2010, registered a 64.2 score (out of 100). Georgians scored 60.1.
“If you have a 70 or below, you are in trouble, in distress, your situation isn’t stable anymore and you need to take immediate action,” said Mark Cole, the credit counseling agency’s chief operating officer. “You can’t afford to wait.”
Cole crunched numbers back to 2006. The Georgia index has decreased 10 of the past 12 quarters, mirroring the recession. But the rate of decline has slowed significantly the past two quarters; Cole postulated that the economy may have bottomed out.
“Hopefully,” he said, “this tells the story of where people are at and what they should do.”
