Adding to this fear is a constant stream of news about continuing financial woes all over the world and political stalemates that appear to be pushing us ever closer to the edge of the cliff that we narrowly avoided a short time ago.
While these fears are definitely understandable, the fact of the matter is that while our economy is still struggling, and the financial industry is still not as strong as it was, we really are not nearing another bank collapse.
Risks Are Not That High
The reason why it is unlikely that we will see another bank collapse soon is because many of the banks that caused the collapse in the first place either are no longer doing business, or have adjusted their practices in order to insure they remain solvent and don't put themselves in the position that they put themselves in not too long ago.
While most banks are still reeling quite a bit from the financial crisis most of them are once again starting to find their footing, and this is showing positive results in the rest of the global economy.
Financial Crisis is Slowly Being Repaired
While things are not as bright as anyone would like them to be, the truth is that we are slowly coming out of the crisis and rebuilding a stronger and more stable economy. It's a painful process and its far from finished but as long as we keep the lessons learned from the financial crises in our minds, all of us can rest a little easier knowing that the worst of this time has passed.
Sure, there is constantly a stream of bad news that may suggest different, but if you look between the lines you will see that many positive things are happening.
The Threat Is Always There
Does this mean that there is not chance a collapse could happen? No, in fact while we probably won't see another collapse any time soon, there is always the threat of one happening. If all the right factors line up and the wrong decisions are made, we could find ourselves in very bad shape again very easily. However, right now there are not any real signs pointing to this happening even if the politicians want us to believe differently in order to get more votes.
No, things are not going to be magically better tomorrow, but at the same time this also means that things will not suddenly get worse. The bank collapse took years to happen, it just all burst at once when things finally tipped over the edge. We have learned a lot about how to make sure that doesn't happen again anytime soon, which should make everyone who is concerned rest a little easier.
Besides being a contributor to PPI claims advice, Michael Rose is a freelance writer whose articles on finance, personal budgeting, and home mortgages are routinely featured on a variety of financial websites.