Getting Roughed-Up By Your Banker Is a Good Thing
Credit-card users are the latest group of borrowers to come to the attention of congress, resulting in legislation that is supposed to make it easier for people to repay these loans. Longer waiting periods before penalties for late payments kick-in. Big deal, right? If the economy functioned, people would be able to pay their credit-card bills, exorbitant fees and all, the card-issuers would make grand-theft profits, and everybody would be happy. Know anybody wo has a HELOC (home-equity line-of-credit)? Or an unsecured commercial line-of-credit, used to run their business? Then you know that banks are cutting back or even eliminating them for many of their borrowers.
Bad news and not fun if it happens to you, but I think there is a bright side to this. The banks want to loan the money. They just want it repaid. So, they are not going to reduce their loan amounts and refuse to deal with people and companies they consider too risky (which, by the way, is me and you). This is GOOD! The more the banks behave this way, the more misery will be inflicted on all our lives. But the quicker the economic decline will bottom out. And the banks will be there immediately, willing to lend, pleading for you to borrow.
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