Fritz Elmendorf
Fritz Elmendorf
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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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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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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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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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You'll pay more for it, but it still should be less than your credit-card rate.
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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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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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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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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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A lot of consumer advocates say you shouldn't put your home at stake, and that's advice worth considering. But using your home gives you access to credit that's cheaper than other sources.
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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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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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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.