Right about now, many people begin to look back on the year that was and measure the triumphs and tragedies.
Some of the biggest news stories in 2010 centered on pocketbook issues, with most of them involving great losses as many people across the country continued to struggle to find employment and hold onto their homes. As I reflect on the year, here is my list of the Top 10 personal finance stories:
1. Unemployment. Hands down, this has been and still is the wrench in the cog of an economic recovery. And it may continue to be the big story in years to come. Economic forecasters in a survey by the Federal Reserve Bank of Philadelphia predicted that the national unemployment rate will continue to be anemic, staying above 9 percent next year, then dropping to 8.7 percent in 2012 and 7.9 percent in 2013.
2. The Great Recession was declared over. It took more than a year, but the National Bureau of Economic Research affirmed this year that the economic downturn that started in December 2007 officially ended in June 2009. It was the longest of any downturn since World War II. The recession may be over, but the financial suffering continues.
3. President Obama signed into law the most sweeping overhaul of financial regulation in decades. Part of the landmark legislation includes the creation of the independent Consumer Financial Protection Bureau, a watchdog agency whose mission is to protect consumers from the abusive lending practices that contributed to the crisis. The government also has new powers to seize troubled financial firms
4. Flash Crash. On May 6, the financial markets experienced a dramatic drop in prices, declining more than 5 percent in a matter of minutes, only to recover a short time later.
5. Foreclosure-Gate. Major lenders halted foreclosure sales nationwide after reports that mortgage loan servicers signed thousands of foreclosure documents without verifying the information. The practice known as "robo-signing" led to a joint investigation by all 50 state attorneys general.
6. Major phases of the Credit CARD Act went into effect. Among other things, credit issuers can no longer push you over your card's credit limit with fees or interest charges. Issuers can't charge interest on the fees. Young adults under 21 can't get credit unless they can prove they have the income to pay the debt or have a co-signer.
7. New federal rules took effect aimed at reining in shady debt-settlement companies. Debt-settlement companies now have to make specific disclosures to potential customers -- how long it will take to get results, how much the service will cost and the potential negative consequences that could result from seeking debt relief.
8. Introduction of an online clock showing the billions in student loan debt that is being amassed. The Student Loan Debt Clock at www.finaid.org/studentdebtclock keeps a running tally of the outstanding federal and private student loans. In June, the total debt on student loans exceeded debt on credit cards for the first time.
9. Social Security turned 75. Despite the fact that Social Security has kept many people from slipping below the poverty line, we are still debating whether it's a worthy social program.
10. Velma Hart. Hart became the symbol of middle- and higher-income folks unhappy with the lack of economic progress by Obama and his administration. Hart expressed to the president during a town hall meeting in Washington her fears about the economy, and this turned her into an instant media darling. Her quote for the history books: "The financial recession has taken an enormous toll on my family. My husband and I joked for years that we thought we were well beyond the hot-dogs-and-beans era of our lives. But quite frankly, it's starting to knock on our door and ring true that that might be where we're headed again. And quite frankly, Mr. President, I need you to answer this honestly: Is this my new reality?"
Two months later, Hart was let go as the chief financial officer for AMVETS, a nonprofit Maryland-based veteran services organization. Turns out her fears were justified.