As a potential recession lurks, traditional banks and other financial institutions are tightening the reins on loans to households with shaky credit. Access to credit is being tightened as the corona virus forces mass shutdowns nationwide and around the world. Tens of thousands of households are in the heading to dire financial straits, sending more people turning to unsecured personal loans and credit cards for a quick bailout.
Lenders are researching borrowing rules and making revisions. New loan requirements are being put into place, such as boosting income verification, lowering available credit on new cards and going after consumers with higher credit limits. Emails advertising personal and small business loans have dropped off. But lenders are hesitant to extend credit to new people who might pose risks meaning lower credit scores. Between pandemic-related job losses and the possibility of a recession looming, banks are worried the default rate on unsecured loans could skyrocket.
During times like this when cash is not readily available we often turn to credit. Having good credit is essential especially today. Credit Services of America helped thousands fix past credit issues. No one would have ever expected a Pandemic to change our global financial picture, yet the unthinkable has happened. Credit Service of America has a long standing reputation for assisting our community in restoring their credit profile. In addition our clients get an education in credit and how to leverage it, especially when times change.
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!