Financial distress increased for consumers in the third quarter in Georgia and nationally, according to a study released Wednesday.
Weaker household budgets, renewed strains from housing costs and continued high levels of unemployment drove down the Consumer Distress Index published by CredAbility, a nonprofit credit counseling service based in Atlanta.
For the quarter ended September 30, American households scored an average of 64.4 on the index. On a 100-point scale, that’s down from 65.2 in the second quarter. A score below 70 indicates financial distress.
Index scores fell in 41 states, including Georgia, CredAbility said. The Peach State posted a score of 61.24 — the ninth worst in the nation and below the national average.
Michigan posted the worst score on the index, with a 58.11, replacing Nevada as the state with the highest level of financial distress.
North Dakota again had the best performance, improving its score to 79.45, CredAbility said.
States with the Worst Financial Distress Scores (100-point scale)
South Carolina 60.10
States with the Best Performance
North Dakota 79.45
South Dakota 76.19
New Hampshire 72.77
- By Henry Unger, The Biz Beat
For instant updates, follow me on Twitter.