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Debt consolidation may be an option for those experiencing increased stress
01/17/2010
Stress about debt differed along gender lines according to a recent index released from Ohio State University.
According to the institutions Consumer Debt Stress Index, debt stress for women increased 4.1 points in December, while it dropped 1.7 points for men. Overall, the stress index increased from 118 in November to 119.8 during the last month of the year.
"Given the increased holiday spending by American consumers, the relatively small rise in consumer stress is not too worrying," Lucia Dunn, an economics professor at the university, said.
The increase experienced in December marked the end of a four-month run where stress declined. The index hit a high point of 155.3 in July. May of 2007 had the index at its lowest level of 90.3.
The index showed that though family life and job performance were not as affected by stress for respondents, those polled said their health was. Of the people surveyed, 5.1 percent said their health was "very much affected" by stress, which is up from 4.2 in November.
People who fell as though stress from debt is affecting their lives negatively do have options they may consider. For example, consumers may want to try debt consolidation, which may help them pay off what they owe at a lower interest rate.
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