Fritz Elmendorf
Fritz Elmendorf
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The larger banks are seeing a lot of market share in this area, but the larger credit unions and the ones being run by ex-bankers are setting up arrangements where a non-member can finance a car right at the dealership just by signing up to be a member.
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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.
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Give some careful thought to how much money you can have in that account. With yields as low as they are, it might not be your best option.
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I think our main concern is in calling for some type of federal policy that affects the issuance of credit cards or any credit to consumers. This is a very competitive business and it does provide a great amount of convenience to consumers. Any effort to curb that would affect a lot of lower income consumers disproportionately.
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Not every place right off the bat will offer you a good rate. One company may offer you 15 percent. Another may offer you 11 percent.
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Small businesses are very important customers for banks today because there are more of them than ever before and each and every bank is fighting to get them.
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Small banks come out with an edge on pricing, but what is not measured is the convenience factor.
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The key to attracting small businesses is to give them as many different services as possible. Because today if one bank won't do that, another will.
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There's likely to be a charge when you use this service, but it's less than the $25 bounce check fee.
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Think about the relative merit of variable rates versus fixed-rate credit. Locking in a fixed rate now gives you a great deal of comfort. Even though the lowest rate might be a variable rate, those could start to climb again next year.
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The broad trend among banks is to service customers almost regardless of their credit standing. They do not want to turn a customer away, particularly if it's a customer with a checking account or another relationship.
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Bankruptcies are very serious issues that can often be avoided by seeking help from a professional debt counseling service that will intervene with creditors.
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Bank loans have pretty attractive interest rates these days. Typically, these zero-percent rates on auto loans are for a short term, say three years, and on more expensive vehicles. People end up buying the car, but use a bank loan to do so. Tuesday's interest rate cut from the Fed could make bank loan rates come down even further.
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Banking was never free because consumers were not getting a market rate on their savings and were paying a lot more for loans.