Although the economy is bad, consumers have good feelings about debt, according to a recent Ohio State study.

OSU’s Center for Human Resource Research conducted a telephone survey to measure the average American’s opinions about their debt. The results of the survey show that consumers are beginning to feel decreased levels of stress about the amount of money owed to creditors.

The researchers developed the Consumer Debt Stress Index to gauge participant’s feelings about their finances. The telephone survey is conducted monthly with 673 participants to determine the average stress index score of consumers.

The score has been steadily increasing since the study began in 2006. However, the Consumer Debt Stress Index score peaked in July, and has been decreasing ever since. It dropped from 119.8 to 117.4 in January.

Sherman Hanna, a professor of consumer sciences, said consumers may be experiencing positive feelings because most of them have reduced spending since the recession.

“Since roughly the middle of 2008, American households have been cutting back on credit card debt,” Hanna said. “My guess is that the feelings might be similar to somebody who has ended a drinking or eating binge — perhaps painful at first, but then if you succeed in cutting back, you might feel more positive.”

The average family owed $7,300 in credit card debt in 2007, according to the U.S. Federal Reserve. That same year 48.7 percent of families owed money for home-secured debts, and 46.9 percent owed money for installment debts in the U.S.

Lucia Dunn, an OSU professor of economics and one of the researchers involved in the study, said consumer opinions about debt have improved because the country is rebounding from the recession.

“This is because the economy is recovering,” Dunn said. “Gross Domestic Product has been rising and the labor market is improving.”

The study also analyzed gender differences in feelings about finances. The Consumer Debt Stress Index score decreased at an average rate of 3.6 points for men, compared to only 2.5 points for women in January. Dunn said it is not unusual for women to experience higher levels of stress about debt.

“We don’t completely understand it, but women have always been more worried about debt than men,” Dunn said.

The survey also assessed how financial stress affected each respondent’s personal lives. Participants were asked questions about their family life, job performance and health.

More than 23 percent of respondents said their health was somewhat, quite or very much affected by their debt. Only 20.6 percent of participants said their health was affected by financial stress last year.

“We believe that health is being affected because of the stress that comes from living beyond your means,” Dunn said.