Your Status Account is Now Quicken Simplifi.

In the depths of the Great Recession, Majd Maksad, a data analyst was examining reams of data on Americans’ finances as an analyst for Citi, when he made a surprising observation. Even as many economists, pundits and individuals credited the financial crisis and its aftermath for ushering in a new era of greater frugality and leading to what many heralded as a healthy deleveraging of household balance sheets, Maksad didn’t see that in the data. Instead, around 2010, his analysis showed continued spending. And while there was deleveraging, Maksad found that it was driven largely by writing off bad debts through foreclosures and personal bankruptcies, not necessarily personal choice.