Americans’ positive feelings about the economy have officially returned to the level they were at on the eve of the Great Recession, according to a new study from Pew Charitable Trusts. While that might sound comforting, it doesn’t mean consumers are actually feeling secure in their own financial stability.
Did consumers learn nothing from the Great Recession? Okay, they learned several things, but putting away for a rainy day doesn’t appear to be one of them.
For some people, bad credit is a result of being irresponsible. For others, it’s a matter of bad luck and overwhelming circumstance. Alas, the credit reporting agencies don’t make such distinctions, meaning someone whose house went into foreclosure because he lost his job and also had to be hospitalized is treated the same as the person who stopped making mortgage payments because they didn’t feel like it. [More]