5:54 am May 26, 2010, by Henry Unger
The economy may be improving, but Americans — Georgians, in particular — remain in financial “distress,” according to a new survey, AJC reporter Dan Chapman writes.
The quarterly survey by CredAbility 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 measure of financial stability, Chapman writes.
While consumers are saving more money, the unemployment-and-foreclosure morass continues to batter 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.”
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