The existing credit crisis is largely the result of risks taken since 2004 in an effort to extend the industry’s highly profitable run. What is happening now is that we are seeing the affects from these companies who took those risks as they flounder and flail. Not only are they hurting themselves, they are hurting the economy and consumers everywhere but business owners as well.
Financial institutions are scrambling to keep their heads above water, and many are creating new jobs to do this. Some of the new jobs are things like a person or department to handle working with consumers who are in fear of losing their homes to foreclosure. Credit counseling services, re-negotiating loans and interest rates as well as payment plans and new ideas that we haven’t seen in many years.
10.3% of all Americans are paying a mortgage on a home that is worth much less than what they are paying. What a disaster!
Many of the people who are suffering may be your customers, is there something you can do to help those customer’s while we all struggle through these tough economic times? Can you lower their interest rate for a short period of time; can you waive any fees they may be incurring because of late or non payment? Can you offer payment plans when you haven’t before?
What can you do to help your customers pay you, remain a customer and provide a positive outlook in this bleak economic future?
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