Lost among all the “OMG TRUMP RUSSIA!” caterwauling is a report you probably won’t see on the network news channels. Specifically, Americans’ credit scores are at a record high.
Credit scores for U.S. consumers reached a record high this spring while the share of Americans deemed to be some of the riskiest borrowers hit a record low—a potential boon for lending and economic activity.
Consumers’ improving fortunes reflect falling unemployment and continued, if lackluster, economic growth. An added benefit: The passage of time since the recession and housing meltdown are helping household balance sheets.
In ever-growing numbers, the worst personal financial setbacks, namely foreclosures and bankruptcies, are falling off Americans’ credit reports. More than six million U.S. adults will have personal bankruptcies disappear over the next five years, according to a recent Barclays report.
The credit for this windfall obviously goes to Barack Hussein Obama, our thriftiest president.