Whether a multitude of bank failures caused the Great Depression or the other way around is still subject to debate, as is the “chicken or egg” puzzle. In any case, the U.S. government stepped in and formed the Federal Deposit Insurance Corporation (FDIC) in 1933 to make sure that in the unlikely event that a bank does fail, depositors still have access to their hard-earned cash that they had…
Rising Credit Scores Suggest Loan Rebound in the U.S.
The average credit score for Americans rose to 696 last month, the highest in the last four years, according to Equifax Inc., a consumer-credit data provider. Federal Reserve data suggests that delinquencies have dropped 30 percent in two years as well. Pair those statistics with the fact that the ratio of consumer-debt payments to incomes is the lowest in 17 years and all signs point to a…
Vanishing Act: Your Home Insurance Coverage
There’s a disturbing nationwide trend of insurance companies chipping away at coverage for homeowners, says Amy Bach, executive director of the nonprofit United Policyholders consumer group. She says she’s disturbed by what she sees as policies becoming less adequate.
“We have been working on a number of fronts to try to reverse this tide, while alerting consumers so they have a chance to…
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