Holiday season is right around the corner, Thanksgiving, Christmas and Hanukkah, who doesn’t like gifts? At any time, your creditor can reduce your available line of credit; their decision is based upon your overall credit history and your total monthly debt that is reported to the credit bureaus.
Blooming Looming Inventory
Day to day, we see the actual losses that banks take on with foreclosures; furthermore, the shadow foreclosure inventory has not been accounted for. A number of potential clients who contacted us during the year had not paid their mortgages for 3-5 years, and their bank had not foreclosed on their property.
Question: How does the shadow foreclosure inventory affect me?
Answer: The shadow foreclosure inventory is unsettled debt, it affects the real estate recovery, housing prices will go up regardless, it generates additional credit restrictions for home purchases and refinances, and more inventories with less available financing will cause another real estate meltdown. Plus, the shadow foreclosure inventory is a domino effect to business lending and auto financing, creating a massive credit crunch. Maintaining your credit and reducing your debt in 2013 is very crucial for you to do, lending will become more challenging for consumers who are in the mid to high 600(s) credit scores.
Question: How much longer will banks hold onto the shadow foreclosure inventory that is over 3-5 years old?
Answer: Not too long at all, a big wave of looming inventory is on its way, its estimated arrival is the first or second quarter or both of 2013. Where else would it go?
Question: I am renter, how does the shadow foreclosure inventory affect me?
Answer: The demand for renting than buying a home will cause rent prices to go up even further.
Don’t Get too Red on Black Friday
Your credit and debt are more important than ever before, they are key factors for your everyday life. For some, Black Friday debt will take months and months to pay to pay off. Overextending your debt on Black Friday will reduce your credit scores. Before you make those big purchases with your credit cards this holiday season, take in account, your new debt will cost you more than your purchases.
Money doesn’t grow on trees, especially Yule trees; enjoy your holiday season with ease!
- Real Company…Real Solutions…Real Results…
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For more information on how we can help you with business credit, personal credit and distressed debt in Palm Beach FL, please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
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