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.
More Quotes from 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
You'll pay more for it, but it still should be less than your credit-card rate.
Fritz Elmendorf
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.
Fritz Elmendorf
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.
Fritz Elmendorf
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.
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
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