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.
Higher numbers reflect higher levels of stress.
Despite the increase in the stress index and its parallel to the deteriorating debt condition, consumers are not as worried about debt this year as they were a year ago, said Paul Lavrakas, director of the Survey Research Unit. In April 1997, the debt stress index stood at 29.9. The Ohio Consumer Debt Index is computed from data on seven components taken in a statewide monthly household telephone survey. Six of the components refer to credit card debt. The seventh component, the debt stress index, covers all types of debt.