Fed did announce today that they are setting the target range for the rate between zero and 0.25%. The rate stood at 1% previously.
How much this will effect loans you and me as consumers already have I am not sure about yet. But I consider this as good news. We most definitive should start look into existing mortgage rates that we have.
One crucial point for me is that I want point fingers at any one. It is as much my own fault that I have not taken better care of some of my loans, or took some active steps before to put myself in a better position. Being proactive is one of the main changes we need to work on together so we don’t fall back in the same pit hole again.
Today I really want to take contact with my mortgage lenders and banks to find out how can I put myself in better position to handle my debt. We have to find a way to create a win-win for both parts. As I see it, it must be in the mortgage lenders and banks best interest that you and me as consumers can handle our loans and at the same time can start consume our money again.
I don’t like the word bailout, so I am not going to use it. We have to find a model that will work and that will kick off a positive chain reaction. Most important both parts have to learn from previous mistakes. Mortgage lenders and banks have to be accountable for their mistakes, and the same goes for you and me. If we don’t learn then we will find ourselves back in the same position if not even worse very fast.
Why not share some good news on how you found solutions with your mortgage lenders and banks?
This is not the time for any of us to be stubborn and ride on old principals. Else we end up in with worst case scenarios where all parts end up bankrupt. Some might say we are already there.
But I strongly believe we can change this together. The Fed has shown today that it is willing to stretch pretty far. Now it is our turn to do something about this. If no one takes advantage of using these incentives then it will take a long time to stop this economic tsunami.
I want to build my faith and hope for the mortgage lenders and banks again. But I will also then expect them to do it for me. Like said we together have to work out a win-win situation for all parts.
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