The End of Easy Money Detroit MI
May 31, 2011 | 
Author Shakespeare’s famed line from Hamlet, “Neither a borrower nor a lender be,” never seemed more fitting.
As the worst financial crisis in decades has taken hold, banks have put the squeeze on all sorts of consumer loans. They’re taking steps to ease their risk, as unemployment rates climb and the number of delinquent borrowers swells.
If you want a new home or a new set of wheels and have less-than-stellar credit, you might have a hard time finding a lender and a decent rate. “The bar has been raised on who gets the very best rates,” says Greg McBride, senior financial analyst at Bankrate.com.
Lenders are ratcheting up minimum credit scores, requiring heftier down payments and upping interest rates for borrowers with less-than-pristine credit histories. The end of easy money has arrived, and lenders nationwide are ready to help you learn how to live within your means the hard way, by not lending you any more dough until you prove you can pay it back in a timely fashion.
As the ever-wise Shakespeare penned, “Put money in thy purse.”
BEING A GOOD BORROWER
For most, an unblemished credit score and a steady pay check will make landing a loan no more difficult than in years gone by. “You need to be financially fit and have the documents to prove it,” McBride says.
“Yes, the credit environment has changed,” acknowledges USAA Federal Savings Bank President David Bohne.
Click here to read the rest of the article at YoungMoney.com.
Posted in Make Money
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