Ever wonder what happens when the financial markets go into disarray? You don’t have to look back too far to recall the Financial Crisis of 2008-2009. Consumer lending took a double hit. First, lenders tightened up, or raised, FICO requirements of consumers applying for personal loans. Then, consumer’s credit scores dropped due to both income [...]
Financial news media have sounding alarm bells over the last few years about rising consumer debt levels. They have pointed to new Fintech products, such as online personal loans, as a big concern. The media claim these debt instruments have recently grown rapidly. What they fail to point out is that consumers have been gravitating [...]
You know your customers like to pay-over-time for large purchases, regardless of their credit worthiness. So, you spend time, energy, and money putting into place a consumer financing program. Now, you’re ready to have your customers finance their purchases. There’s only one problem. They have no idea you have consumer financing options! That financing word [...]
If you’re like most people, you get bombarded with loan offers both in email and snail mail for personal loans, credit, mortgages, student loans, car loans, home equity lines of credit – shall I go on? God forbid if you are a sole proprietor or small business owner as the number of offers just doubled! [...]
A high majority of consumers today browse multiple websites before deciding to visit a store or purchase online. If the item they are looking for has a high price tag, financing, or paying over time for the purchase may be desirable. Many businesses know that consumers purchasing higher priced items often want/need to pay-over-time for [...]
Nothing like a good idiom to shed light on a problem. Being penny wise and pound foolish is really saying that focusing on saving a small amount of money may prevent you from earning a large amount of money. “Seeing the forest for the trees” is another idiom with similar meaning. This refers to being [...]
There are some who believe that financing is evil and that it’s foolish not to pay cash up front for all of your needs. Logically, you can understand this argument. In reality though, the demands and desires of life don’t fit neatly in to that box. So, how can you try to minimize interest charges [...]
The advertisements are everywhere. They’re on TV, satellite radio, mail, web browsing, and social media. Lenders want you to bring your outstanding balances to them with the promise of a lower rate, which may or may not be true. It sounds like a good idea – make three or four different payments become one. But, [...]
For those old enough to remember this hilarious sit-com (yes, I’m in that crowd!), will remember how at odds Felix and Oscar were. Lack of trust, disapproval, disgusted with each other, and not wanting to be together best describes the relationship those two had. Well, that kind of sounds exactly how the retail sales associate [...]
When you look at chain retail stores, those with more than a few locations spread out over different geographies, that sell “big-ticket” goods – jewelry, furniture, etc. – they have something in common you don’t typically think of. Yes, they can have similarities in advertising and marketing, purchasing, sales floor operation, and even online presence. [...]