Fritz Elmendorf
Fritz Elmendorf
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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.
afford borrow high hit income increase layoffs level seeing
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.
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.