Ohio Consumer Debt Index Turned Up in April

OHIO CONSUMER DEBT INDEX TURNED UP IN APRIL 
 
COLUMBUS -- 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. 
 
"The recent upturn follows the pattern that was observed in  
1997 when the index rose in April after declining throughout the  
first quarter," said Lucia Dunn, a professor of economics at Ohio  
State.  "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. 
 
Other results: 
 
-- The percentage of Ohioans who carried a balance on their  
credit cards dropped to 31.2 percent in April from 38.6 percent  
in March. 
 
-- The percentage who missed the minimum payment on their  
credit card at least once in the last six months reached 12.5  
percent in April, up from 10.9 percent in March. 
 
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Contact:  Lucia Dunn, (614) 292-8071 
Written by Emily Caldwell, (614) 292-8309