Recently the federal government announced that the recession has been over for some time. If you believe this you haven't done your homework. Consider this. If you have $15,000 to put into a bank or credit union how much will you have at the end of one year? Here are three results from a calculator I used on the Wallet Pop website. What does the bank mean when their employees say, "We want to help you out?" Would you be willing to loan me $15,000 for one year if I paid you back $15,008?
Bank savings account at 0.05% interest - $15,008
Bank Certificate of Deposit at 0.45% interest - $15,068
Credit Union Certificate of Deposit at 2.13% interest - $15323
For further information on whether the recession is over you might enjoy reading the September 23, 2010 column of Washington Post writer Michelle Singletary.
The Washington Post: