Financial distress study puts Michigan among worst states
Where does Michigan rank among other states on a national “consumer financial distress” analysis by CredAbility?
It’s not the worst. But it certainly is in the bottom.
The Atlanta agency has been doing research on consumer financial distress, and expanded its analysis for second quarter 2010 from a national report into a state by state list. The research categories include employment, housing, credit, household budgeting and net worth.
The scale is from 1 to 100, and any number below a 70 indicates “a state of financial distress.”
Nevada had the worst score from this spring, with an index of 59.23.
The next worst rankings were Mississippi with 60.62; Florida with 61.01; and Michigan with 61.01.
A snippet from the press release:
“The average American remains gripped by financial distress,” said Mark Cole, CredAbility’s chief operating officer and executive responsible for the CredAbility Consumer Distress Index. “The modest improvements we see in housing and net worth show incremental, but positive signs of stabilization. But to use a medical analogy, the patient is still in critical condition. Until housing and employment markets improve significantly, we cannot expect to see significant recovery in these numbers.”
You can look at the maps and supporting material on CredAbility’s site.