It’s no surprise to me. Consumer debt has grown exponentially over the last few decades. Homes were more expensive, vehicles cost more and credit card limits were maxed out. Then the economy changed, a multitude of people lost their jobs due to layoffs or business closures, the housing market took a nose dive and foreclosures reached an all time high. No wonder debt was on the consumers mind!
Thankfully, we have seen a turn in these economic conditions and the unemployment rate has decreased. Many financial institutions have done an overhaul of their lending guidelines and interest rates are at a historical low. Consumers are refinancing their debt into more practical loans with better rates and more affordable payments. Of course debt is still on their minds, but that may never change. Maybe now the conversation around debt will be more positive and consumers will feel better about their financial situation.
If you would like to take advantage of these incredibly low auto and mortgage rates and reduce your monthly expenses, call Truliant or stop by your local Member Financial Center today. A No-Cost Credit Review or a TruFinancial Check-Up is the perfect start to improving your financial future!
