25 Quotes by Fritz Elmendorf

We've seen record numbers of bankruptcies every year. The lending industry feels there are a number of filings that are abusive and could have been avoided.

When you borrow to the max, you can't afford to take a hit on income, and unfortunately what we're seeing are layoffs and reductions in income and potentially an increase in the already high level of bankruptcies.

Give some careful thought to how much money you can have in that account. With yields as low as they are, it might not be your best option.

People have to think realistically, and I think the economy is pretty sobering right now, and people should consider their financial moves very soberly. Part of that is getting in less debt.

I think our main concern is in calling for some type of federal policy that affects the issuance of credit cards or any credit to consumers. This is a very competitive business and it does provide a great amount of convenience to consumers. Any effort to curb that would affect a lot of lower income consumers disproportionately.

You'll pay more for it, but it still should be less than your credit-card rate.

This year, there's a better chance that rates will start to climb up than there is a chance for more significant easing. If you're considering refinancing, you shouldn't wait.

There's likely to be a charge when you use this service, but it's less than the $25 bounce check fee.

Think about the relative merit of variable rates versus fixed-rate credit. Locking in a fixed rate now gives you a great deal of comfort. Even though the lowest rate might be a variable rate, those could start to climb again next year.