Financial Distress High in Pittsburgh
By: Leon Castles
on Wednesday, May 16, 2012
Financial distress can affect the normal lifestyle of an individual and therefore it can hurt the businesses in the area as well. As per the survey done by CredAbility Consumer Distress Index consumers in the Pittsburgh area are more financially distressed than anywhere else in the United States. This means that people here are more conscious when they are buying anything from the market to balance their monthly budget. As per the reports Pittsburgh ranks at 68.49 which is just below the national average of 69.9. As per the consumer distress index anything above 70 means that the city is going through financially distress situation.
While the report was being made, the non-profit credit counseling group decided to take into consideration various factors like employment, financial budget, housing, credit and net worth. Although, Pittsburgh scored 70.42 in the second quarter of 2011 the condition is still not great as per the survey results. Mark Cole, CEO of CredAbility said that financially distress situation means that the consumer is able to handle the rising gasoline prices and all the other demands of the family but still manages to make some savings. Although, Pittsburgh has a high financially distress situation the city manages to employ people which continues to stabilize the lifestyle in the city.