The Ohio Consumer Debt Index saw its first increase of 1998 in April, indicating consumers may have increased their credit card use while saving their cash to pay taxes. The index, which is compiled monthly by The Ohio State University's Survey Research Unit, stood at 84.3 in April, compared to 82.7 in March.
Higher numbers indicate a deteriorating debt condition.
Despite last month's increase, the index still stands substantially below its April 1997 level. Last year, the index reached 93.9 in April. Throughout the first quarter of the year, the index had fallen as consumers worked to pay off charge balances left over from the holiday shopping season, Dunn said. The Ohio Debt Stress Index also showed signs of consumer concerns about debt, increasing to 27.1 in April over its March reading of 24.7. The stress index measures consumers' psychological stress related to their overall debt.