CommonCent$- THE BANK WILL CLAIM TO BE YOUR FRIEND UNTIL YOU MISS A PAYMENT

As I begin this post, I want to stress the importance of being financially responsible and paying any debts owed to a bank. With that said, I want you to be aware of how friendly lenders can be when trying to lure you in to take out a loan. They will offer you cookies and coffee. They will send you letters and emails. The lender can be very aggressive when attempting to sell you a loan. Once you take the bait, the relationship can maintain a positive vibe UNTIL you come up short. That is when you will discover what the relationship was really based on. MONEY!

To be clear, a bank should want to be repaid based on the terms of the contract. The catch in many cases is the simple fact that a lot of borrowers don’t read the terms of the contract. Reading the terms can spare you the shock of being surprised when they come to collect their money. Please keep in mind, it’s THEIR money. Also remember that it’s not personal, its business. Keeping the relationship in perspective and not getting overly excited when the bank says, “YOU’RE APPROVED” can prevent a financial disappointment.  – Jay