The average American household suffered a huge drop in wealth because of the financial crisis, according to a survey released by the Federal Reserve. How did this happen — and more importantly, what can you do about it?
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U.S. household wealth increased 2.2% in the third quarter as stock prices rose and consumers cut debt, according to a Federal Reserve report released Thursday. Companies’ cash balances also grew in the third quarter.
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Officially underway since June 2009, the recovery has been tepid at best. The balance sheet of the average household is still straining under considerable debt, while incomes have barely risen, suggesting that the recovery has …