Rapid decline in credit scores, not seen since 2009, continues to escalate
In a recent analysis, credit scoring agency FICO has highlighted a concerning trend - an increasing number of borrowers are struggling to keep up with their car, credit card, personal, and other loan repayments. This marks a significant shift from the record highs of U.S. stocks, which the article does not specify the time frame for.
Despite credit scores being significantly higher than during the Great Recession, they've seen a decline for the second year in a row. The national average FICO score dropped by two points this year, which is the most significant decrease since 2009.
The report does not provide specific numbers or sources for the financial hardship of Americans, but it does suggest a growing disconnect between Wall Street and Main Street. Younger Americans, in particular, are facing challenges such as high student debt and low entry-level hiring, although the article does not provide data on the specific impact of student debt on their financial health.
The overall financial health of Wall Street and the overall employment situation for Americans beyond low entry-level hiring are not addressed in the article. The search results do not provide specific information about who is responsible for the devaluation of credit scores in recent years or how it compares to the hardships experienced during the Great Recession.
However, it's clear that these findings underscore the need for continued attention and support for those facing financial difficulties. As we move forward, it's crucial to understand the complexities of these issues and work towards solutions that benefit all Americans.
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