One of the results of the great recession, as it has become known as, is a trend towards a healthier financial state for the American middle class.
At the beginning of the recession it was obvious that American’s were saving more and putting a greater emphasis paying down their debt.
For quite some time we were unsure of whether this was a trend or a temporary emotional reaction. Eight years after the initial meltdown, the evidence continues to indicate a significant cultural shift.
American’s continue to save more, strive to eliminate their debt and are more judicious in their spending.
As a side note, a recent survey found that 25% of families say they are now debt free. That is up from 14% just a few years ago.