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.
More Quotes from Fritz Elmendorf:
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.Fritz Elmendorf
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.
Fritz Elmendorf
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.
Fritz Elmendorf
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.
Fritz Elmendorf
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.
Fritz Elmendorf
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.
Fritz Elmendorf
Readers Who Like This Quotation Also Like:
Children are excellent observers, and will often perceive your slightest defects. In general, those who govern children, forgive nothing in them, but everything in themselves.Francois Fenelon
Not only did I avoid speaking of Salinger; I resisted thinking about him. I did not reread his letters to me. The experience had been too painful.
Joyce Maynard
I used to think no one should go into show biz, but now I feel differently. I now feel like it's a great career. If you can do it and make money at it and still not be so famous that you can have a normal life - then I think it's a great career.
Julia Sweeney