In the last few years our economy has taken on dramatic change across the country. The Banking industry, housing and auto makers have all had to downsize, restructure and forced many to close their doors permanently. Corporations and small businesses have been long standing pillars within our communities have faltered and failed, bringing the middle class American to its knees. Unemployment rates and home foreclosures are at an all time high. The auto industry saw thousands of dealerships close and lenders stop lending, due to the economic down fall. It will turn around.
This downward spiral to our economy
This downward spiral to our economy has created some very substantial changes in the lending industry and in our lives. Our changing economy has effected many people’s credit, thereby making it a much harder task to find competitive financing for homes and auto. Just a few years ago, if you had a job you were likely to purchase a car, even if you had damaged credit or had recently gone through a bankruptcy, you could walk into an auto dealership and choose a car to your liking and sign on the dotted line. At that time with so many Lender’s available there was little regard for what was affordable or even reasonable for a buyer. Times have changed.
Today’s reality is that a substantial percentage of Americans have been affected in one way or another by the businesses failing around them, leaving many with damage credit or even bnakruptcy on their credit record. The good news is that many of the lenders have changed and so have their practices.
Bottom line many of our bankruptcy clients that have recently filed Chapter 7 bankruptcy are now being able to purchase a vehicle. There is life after bankruptcy. All I can say is that we need to stay strong in this difficult economy, it will get better.