Fritz Elmendorf
Fritz Elmendorf
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When you borrow to the max, you can't afford to take a hit on income, and unfortunately what we're seeing are layoffs and reductions in income and potentially an increase in the already high level of bankruptcies.
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We've seen record numbers of bankruptcies every year. The lending industry feels there are a number of filings that are abusive and could have been avoided.
banks counteract evolved large sources various
Banks have various sources of earnings. If a bank is large enough to have international operations, it has evolved enough diversification to counteract those losses.
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A lot of people get a home equity loan and do it on their own, short of going to a credit counseling agency. You can consolidate your credit card debt and have a lower monthly payment that will maybe get you through a squeeze.