Today’s financial topic is a little bleak, but unfortunately, it is something that we feel our readers should know about. Today we will be talking about the decline in Americans’ wealth. This post will be a little different than the previous posts as it will only be a brief summary. I encourage our readers to click on the link and read the full article.
Today’s article is Americans’ wealth drops $1.3 trillion By: By Tami Luhby
Brief summary: The wealth of Americans has been dwindling over the last 7 quarters, to amount to a hefty overall decline. Only only good news from the decline in our wealth is that the average American’s debt has also declined for the first time EVER. During the first quarter of ’09, $1.3 trillion of wealth disappeared from our wallets, and the stock market and home values are still declining according to a government report. Some things may be changing, but not quick enough. Luckily, at least some Americans have learned that debt is a bad thing. According to a source from Moody’s economy.com, “Consumers are cutting back on their borrowing to some extent, but the decline in value of assets is swamping that.” Household debt fell at an annual rate of 1.1% to $13.8 trillion for the first quarter of 2009, after falling off 2% in the fourth quarter of 2008. That was the first time household debt shrank…EVER. All I have to say is that it’s about time.
Alright, there is the brief summary. Now, it is up to you to click the link above and read the rest of the article. We’ve given you the tools, now go use them!
Tags: Debt, Mortgage, Net Worth, saving money
