Fritz Elmendorf
Fritz Elmendorf
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Any change in rates on home equity lines is directly related to the actions of the Fed. On average, their rates are 1 percent over the prime rate, but some banks even offer home equity lines at the prime. Home equity lines are probably the cheapest way that homeowners can currently borrow money.
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This year, there's a better chance that rates will start to climb up than there is a chance for more significant easing. If you're considering refinancing, you shouldn't wait.
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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.
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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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People have to think realistically, and I think the economy is pretty sobering right now, and people should consider their financial moves very soberly. Part of that is getting in less debt.
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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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You'll pay more for it, but it still should be less than your credit-card rate.
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Generally, they're very eager to resolve issues with their customers, to make accommodations to retain the customer. It's much easier to retain a customer than to find a new customer.
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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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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.
ask limit trust
If you don't trust yourself with that much credit, you should ask that the limit be reduced.