Will the holiday season push people over the edge?
Credit card debt is at an all-time high and going higher. How much longer will it be before the credit card companies begin to stop extending credit limits and exhaust the last lifeline many consumers have to try to stay afloat? Could this upcoming holiday season be the final nail in the consumer coffin? Could late payments, repossessions, and defaults of all kinds be just around the corner? Could those credit consolidation companies step up their efforts? Could bad things start happening to good people who didn’t know that if they reached out to YOU BEFORE they missed a payment or took another road, you might be able to refinance them and get them some much needed breathing room BEFORE things got really bad?
We all know, once the trouble starts, the consumer loses many if not all the reasonable options and there is little chance of getting that relief at a reasonable price that won’t hurt their credit for years to come! Wouldn’t having this conversation in a general format, say a YouTube video, be something that might be helpful? What about an interview with a bankruptcy attorney or a credit counselor explain options PRIOR to them missing payments or defaulting? So many people have vast sums of equity in their homes but once they miss some payments, the good options start to disappear!
While I know the rate market has NOT been our friend, and that many of you had hoped that falling rates might have opened the door to more refinances; the reality is, there are always opportunities to help people in your market, and this might be something you can do to help before things get really bad really quickly for some really good people in a bad situation!
For more information and detail about doing this or other strategies; or if you are interested is doing your 2025 business plan, please just reach out: [email protected]
