The large banks and creditors have developed formulas that account for a certain failure rate, so that if a percentage of their customers fail, it will not significantly affect a large corporation. Nevertheless, the domino effect of the incompetent top-down financial and economic philosophy is beginning to undermine the foundations of the major players. From the women in the mechanical department to the waiter at the diner, everyone supports the major players. When failing numbers grow significantly, even multibillion-dollar companies begin to lose equilibrium.
Companies that are foolish may prefer a few months of high interest gains to years of mortgage payments or loyal consumers. These businesses inform their despondent consumers in a matter-of-fact manner, ""Sorry, there's nothing we can do - you were late or exceeded your limit."" This financial setback may have pushed the individual into financial ruin. A lifetime consumer has been lost.
However, the compassion and benevolence of a few individuals within large corporations can make an enormous difference. Smart businesses are undergoing an attitude shift. Now that profit margins are a little narrower, major corporations are beginning to work with individuals to keep them on their feet. One developer with over 200 properties in the Miami area renegotiated his loans, remained solvent, and is once again writing contracts. After transferring four times and reiterating the same information to three people who said no, the fourth person said yes and reduced the grandmother's interest rate from 29% to 12%, allowing her to maintain her good standing as a customer.
Many Americans will be harmed by the recent economic incompetence, but you should do what you can to combat it. Call your institutions and loan officers until they recognize you as more than a page of payments and numbers. Even with a foreclosure, there is life, health, and pleasure after a financial catastrophe. Money failure pales in comparison to failing to maximize your existence to the greatest extent possible. In the face of failure, proceed without guilt to the next challenge.""
" - https://www.affordablecebu.com/