The instability of the economy has led to a number of people taking the money out of the stock market and placing it in a savings account
. On the whole there has been an increase in the number of people that are now saving their money rather than investing their retirement on an uncertain market.
Putting money into a bank in Cincinnati people that have cut back on the spending are setting aside funds that they can access in the event of a financial emergency. Seeing the interest rates that are being charged by credit card companies many people that once lived by spending everything they earned are now taking a much more reserved approach to their money.
Naturally, there are people that are still using credit cards and who may or may not be investing in the stock market, but there has been a nationwide movement to reduce the personal budget by cutting back on the types of expenses households once enjoyed freely. Going out to eat fewer times each week and giving up massages and manicures the people that have seen the tidal wave of economic uncertainty coming toward them have cut down on the unnecessary spending and are doing their part to control the flow of income that is passing through their hands.
The banks are also doing their part to help consumers to find the things that they want. Even with stricter lending laws that require a steady job and proof of the ability to repay a loan the banks have money available to lend people that are responsible when it comes to their money. With mortgages that offer a low fixed rate and interest on car loans also being considered low there are banks that can provide the security of savings accounts while still loaning out funds to people that qualify for a low interest mortgage or car loan.
The banks that are in business to earn interest and turn a profit for their board and shareholders are ready willing and able to extend loans to people that are showing their own restraint when it comes to the economy.
With a checking and savings account that they can add to on a regular basis, people that are cutting back on the expensive cups of coffee and brown bagging their lunch three times a week are finding that their money is growing steadily as it is safely being held by a bank in Cincinnati that is as concerned about the future of the economy as any individuals citizen is.