Released: October 29, 2020
Recession’s silver lining: Households are doing better than expected
Source: Stacy Cowley, N.Y.Times (Paid Registration)
Despite the pandemic’s economic devastation, which has tipped millions of people into unemployment, many American households are in relatively good shape. Since April, consumer savings have increased, credit scores have surged to a record high and household debt has dropped.
Lenders outside the financial mainstream, who cater to those without access to credit cards and traditional loans, haven’t yet seen the pickup they usually do when the economy deteriorates.
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