WEALTH TRANSFERS WORK:

Despite widespread job losses and financial uncertainty, Americans are faring well by most measures during the coronavirus pandemic.

Federal relief, such as stimulus checks, expanded unemployment benefits and an extended pause in loan repayments, have even given some a boost.

Consumers are paying down debt and saving more than they have in decades. Many are leveraging low interest rates to refinance and lower their monthly bills or catch up on past-due payments.

As a result, credit scores, a general measure of credit worthiness, have improved across the board. In July, the average national credit score hit a record 711, according to FICO, the developer of one of the most commonly used scores by lenders.

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