While no one is bold enough to say that our economy today is headed for a complete reform or that we are performing well by any standards, there are some signs that things have improved and continue to look up in the near future. Although things could be much worse, there is still one major way we could go from here; up.
Holding Onto Hope
Economists are yet to jump for joy as we still have a pretty long way to go to get to where we were, or better, prior to the recession. However, not all is bad and we are seeing some very positive signs of economic growth.
First, the unemployment rate has taken a significant hit and many Americans are returning to work once again. The creation of jobs and cuts to the payroll tax requirements have both given the job market a much needed boost in recent months.
The number of personal bankruptcy filings continues to decline with each passing month, as more Americans are gaining control over their finances once again. Although student loan debt and medical debt continue to be a thorn in the side of many, some are finding that their debts are more manageable than in years past.
Also, the mortgage delinquency rate is beginning to fall and many people are finding resolution to their financial troubles before mortgage debt sets in. The number of foreclosures are stacking up in the market, but the number of new foreclosure cases has dropped significantly; indicating that more homeowners are finding help from lenders before losing their home.