It’s no secret that recessions can hurt your credit score — whether through prolonged unemployment, foreclosure, or bankruptcy. Read on to see just how much American’s credit scores were impacted by the recession.
Spending Benjamins was a favorite activity for designer-jeaned teens just a few years ago. But the severe economic downturn changed things so much that their mantra might well be “a penny saved is a penny earned.” Some marketers are dispensing with...
The Great Recession is now history — much as its recently-announced end took us by surprise. At 18 months, from December 2007 through June 2009, it is the longest since World War 2. And arguably, one that has changed us — our spending and saving habits, our career prospects, our view of homeownership and “the American Dream” — for good.
Earlier this year, the National Bureau of Economic Research delivered a piece of news that came as a surprise to most Americans: the recession, it determined, had officially ended in June 2009. At a total of 18 months, that gave it the dubious honor of being the longest U.S. recession since the Great Depression.
The recession, now officially over and down in history books the longest since the Great Depression, was not kind to the business world. Once-proud General Motors succumbed to government takeover. Disgraced financial giant AIG needed taxpayer bailouts to survive. Countless smaller, uncelebrated businesses closed their doors completely. An exception to all of this economic despair has been fast food chain McDonald’s.
One upside to The Great Recession has been a notable shift in how most people view their finances. While just a few years ago it was OK to support an otherwise unaffordable lifestyle with credit cards and home equity loans, these days Americans are more determined than ever to live within their means. In fact, according to data collected from Mint.com’s 2.5 million users, American consumers are actively slashing their debt and refilling their savings tanks.
The government is telling us that the economic stimulus is working and the recession is over. But you wouldn’t know it from looking at the unemployment numbers. While we may have dodged another great depression, unemployment is at its worst since then, having fallen to 10 percent by the Fed’s own reckoning. And, while we don’t like to be the bearers of bad news, we do stand for transparency in reporting statistics. So we’ve produced an animated infographic explaining who gets to call themselves ‘officially’ unemployed, and why the government leaves out millions of jobless Americans in their often cited and repeated unemployment rate statistic. So while the economy may be recovering, it might be awhile before many Americans feel it in their wallets.
The US stock market is soaring, commodity prices are on the rise, and there are signs that consumer confidence is growing. Ask the US government if the recession is ending and you’ll hear a resounding yes as the Obama administration...
With trust in the world’s currencies at its lowest point in recent memory, bartering has reemerged as a possible solution to the credit crunch. All but forgotten, bartering predates any modern form of currency, and arose naturally in the ancient world as the primary means of economic exchange. Today, there are a number of barter systems in place alongside replacement currencies that operate on a local level in cities or small rural villages. Whether these approaches come from a hot Web 2.0 startup or a tiny Thai village, they are changing the economic landscape. Here’s a look at some of the most promising.