interest is for the risk of loan default. and time wasted processing the loans. why do you think credit card rates are 20%!
So true, so true and no one even cares. Banks are the only ones who made out in this credit crisis, so they actually benefited from both the collapse in the economy and with the free handouts of worthless monopoly money. The banks just keep taking advantage of everyone and no one can do a damn thing about it. âSavers are getting nothing, borrowers are getting nothing and the banks are doing whatever they like. Some of the banks are even owned by the taxpayer and still they wonât lend.
http://nyjobsource.com/banks.html take your money out of the top 10 and see what happens when the power shifts from the top 10 to the 51st and lower
i recall seeing a couple of items related to refused credit to small businesses on the box a while ago, one was a US contractor whose line of credit with his bank had been stopped and he'd had to use his cc to pay his employees wages the other was a butcher in the UK who'd also had his revolving line of credit with his bank stoppped unfortunate there's never any follow-up with these type of stories to learn if and how the people remained in business or not, but it seems that it's the 'butcher, the baker, the candelstick maker' as well as 'developer/investment' business person getting hit will the newly signed 'Small Business Lending Bill' make any difference to the 'small business person' ? who and how's it being administered ? will it take months for an application to be processed ?
seems like there is a moratorium on capitol hill on any one making any moves that would be better for the country, it's like a prison up there,because of the upcoming election ,no one wants to move, the negative press will twist and attack it,this would be a good time for a peaceful uprising,scare the shit out of them,they won't know what lies to tell,the only promises i hear is that the other guy would be a bad vote,no platforms at all