Atlanta 4th in financial stress

Metro Atlantans are the fourth-most financially distressed big market residents in the U.S., largely because of the weak employment situation and ongoing housing problems here, CredAbility, the Atlanta-based non-profit credit counseling agency, reported.

The area had an overall score of 62.5 out of 100 on CredAbility’s quarterly Consumer Distress Index for the first three months of 2012, well behind the U.S. average of 69.9, and the 70 mark that indicates financial stability. Only Tampa-St. Petersburg, Detroit and Miami-Fort Lauderdale fared worse among 25 metro markets measured.

Atlanta scored poorly in the employment category, where it rated 49.5 compared to the national average of 59.4, and in housing, where it scored 51.7 compared to the national average of 68.

“Those are two big things, and in Atlanta they’re inextricably tied to each other,” said Mark Cole, CredAbility chief operating officer.

Metro Atlanta is now at about the same place in terms of financial distress as it was in the first quarter of 2011, the index shows. The area did improve somewhat from the fourth quarter of 2011.

Georgia did even worse, ranking as the second-most distressed state, better only than Nevada, although it also improved from the fourth quarter of last year.

Countrywide, the situation improved in the first quarter as U.S. households recorded the highest score on the index since the third quarter of 2008, thanks to more jobs, fewer mortgage delinquencies and better credit. Lower heating bills contributed to stronger household budgets and higher stock prices aided net worth.

7 comments Add your comment

Kandie

May 16th, 2012
10:56 am

Our legislature should concentrate on the economy, jobs, and the tax code. Instead, they are worried about what we do in our bedrooms, what women do with their bodies, who we marry, and who we have working for us. No wonder we’re in such bad shape!

BB&U

May 16th, 2012
12:08 pm

That’s because this state has always been run by hayseeds, hicks, rubes, and fake religious freaks. Put ‘em all on buses and drive ‘em off a cliff, I say. If we instituted a “maturity & intelligence screening” for our state legislators, 99% of them would lose their jobs.

alex

May 16th, 2012
12:27 pm

no. it’s because of all the leased beemers and lexus’s and the mcmansions and all the LAZY ,incompetent people that live here… Work hard and save, don’t expect someone else to look out for you. Got itBB&U and Kandie (is that really with a K?), now get back to work and fend for YOURSELF…sheesh

BB&U

May 16th, 2012
2:05 pm

First of all pally, I’ve worked for the same company for 35 years. I have always fended for myself and have never required so much as a dime in support from another living soul. Far too many of our fat, ignorant dimwitted (rethuglican) legislators are more interested in scamming the government and following the head criminal in charge (Nathan “let’s make a” Deal).

Get it? Got it? GOOD!

Yard Man

May 16th, 2012
3:08 pm

there are jobs out there.. medical, nursing, plumbers, electricins, can’t do that ??? food service.. casual dining, bar tending.. manufacturing jobs are coming back too.. hell I make $1000 a week mowing yards.. with alittle landscaping, irrigation.. I can make more.. Y’all Get to WORK !!

Sam

May 16th, 2012
8:00 pm

People in Atlanta try to pretend that they are wealthier than they are. It is superficial ! They are getting what they deserve which is bankruptcy. The only way to be happy is to spend less than you make.

4xtra

May 22nd, 2012
10:29 am

Atlanta GA
The land of the “$30,000 a year millionaire”!!