When will lenders loosen the lending belt?
There seems to be an abundance of "bad credit" people compared to those w/excellent. Sometimes it's their own fault, sometimes not. Corporate America strips hardworking Americans of their livlihood without concern of it's impact on the economy. The health industry bankrupts people by not covering medical costs. Lenders financially r*pe people w/bad credit with huge interest rates, impracticle loans that often are defaulted on when financial hardships like job loss or illness occur.
Do you think the lending industry, corporate America and the health care industry will ever admit their contributions and do something about it?
It will take some kind of revolution for anything to change. As
It will take some kind of revolution for anything to change. As long as our government is run as a for profit business that is not controlled by the voters, we will continue to be in this same predicament. Our government is not on our side. They are there to take all the money they can from us and share it with all of their friends who made horrible business decisions and ran their companies in the ground. If you would like to see why health care is the way it is, just watch Sicko by Michael Moore. I have never been a fan of his but that movie hits the nail on the head.
I've seen all of Michael Moore's documentaries & have written to
I've seen all of Michael Moore's documentaries & have written to him to urge him to do his next one on the credit industry.
When will lenders loosen the lending belt? I can't tell you for
When will lenders loosen the lending belt? I can't tell you for sure, but my company is essentially changing its direction and getting out of the loan business. Instead of loaning directly to consumers, we'll be working up agreements with car dealers and insurance companies to offer financing on ancillary products.
PS I have to offer one comment on the following quote. It takes two to tango - who's fault is the bad credit? It boils down to rate vs risk, my friend. When dealing with the bad credit/high risk sector, there is obviously a lot more default and non-payment. There is no possible way a finance company can charge only 5%, take all the losses from customer who don't pay, and still pay its own bills.
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Lenders financially r*pe people w/bad credit with huge interest rates, impracticle loans that often are defaulted on when financial hardships like job loss or illness occur. |
