The Importance of Keeping Up with Payments
Payments, payments, payments. As time goes on, you will find that you are responsible for a wide variety of payments from mortgages on your home to car payment bills when you decide that you’ve grown out of that old family car that you no longer fancy. There are many types of payments that you might welcome into your life. When buying a home and answering the question, “What mortgage is right for me?” when looking into a variety of mortgages, or looking into business loans, you need a community bank who will stand by your side every step of the way.
Payments Are a Lot to Handle for Some
Because of the fact that mortgages can be a struggle to obtain and many people do not have the money to take on a variety of payments like they did many years ago, banking services will look over your information and try to direct you to the right options when it comes to opening a new account, working with a loan company, opening a business, or taking on those new car payments.
The truth is, many individuals fail to speak with banks and find out the hard way that there are many payments and that defaulting on payments can get you so far behind that you will never be able to catch up. Back in 2004, it was a fact that approximately 69% of Americans owned a house, but this only sits at 63% today. A total of 1.24% of mortgages are currently stuck in delinquency.
The same can be said for car loans and how unprepared you might find that you are when you take on these extra enormous payments every month. In 2012 alone, it was found that approximately 80 million people in the U.S. had car loans. However, about 6 million people are also behind on their car payments by 90 days or more. With millions of people taking on car loans at any given time, this also means that many people are falling behind and could potentially lose that new car that they thought they could pay on.
The truth is, few Americans have a handle on their savings and finances, even when they are prioritizing. This is why it is imperative to speak with an experienced bank who is able to help you get your finances in order so that your payments are never late and you never fall behind. About 35% of Americans say that they have only a few hundred dollars in their savings accounts and 34% do not have any. This is why it is so difficult for many individuals to get ahead even when they try and try again.
If you are looking for a bank who will work with you and ensure that your finances are being protected and building up over time, look no further. Our bank will help you get back on track and afford that new car or mortgage that you were hoping for.