MADISON, Wis. (9/25/08)--Consumer debt stress increased from 2006 to 2007 as the subprime mortgage crisis unfolded, and those with the lowest household incomes are likely to endure the highest levels of debt-related stress, according to a new study by the Filene Research Institute.
Consumer Debt Stress and Credit Cards, by Filene Executive Director and CEO Mark Meyer, explores debt-related stress with a focus on credit card debt. The study is based on information from Ohio State University’s Consumer Finance Monthly (CFM) survey. The CFM indicated that consumers in top stress categories who worry about overall debt Rose to 16.2% in 2007 from 14.7% in 2006. Consumers with lower household incomes experienced more debt stress than those with higher incomes. Those with prior bankruptcy filings also reported higher levels of debt-related stress, according to the study. Since 2005, the Center for Human Resource Research at Ohio State University has collected CFM data through monthly 25-minute telephone surveys using random-digit dialing and statistical weighting procedures. For more information, use the link.