Can all this bad really be good?
Things are tough. It seems that “how bad things are” is the theme of nearly every newscast and talk show. I even spend much of my time on television talking about our economic woes. The economy has gone to hell and the stock market sucks and foreclosures, layoffs and unemployment rates are soaring. I get it – it’s bad. But let’s consider this question: Can a bad economy, layoffs, bailouts, foreclosures, bank failures, and government corruption really be a good thing? Absolutely.
Let’s look at the positive impact this economic downturn will eventually have on the credit industry. Just think, we are going to reach the place where credit is going to be given based on a person’s ability to repay the loan. Loan applications will have to be accurate. The amount loaned will be based on the real value of the asset instead of some inflated amount. A definite good thing.Details