In the current uphill economy, it takes more than the obvious for businesses to excel. Not everyone can get by with cutting labor and reducing utilities to stay in the black. When you’re dealing with economic factors beyond your immediate control, it may take creativity and serious reflection of your operations to find a light at the end of the tunnel.
Now that the dust has settled after Hurricane Sandy, many East Coasters are facing the unfortunate reality of how the storm has rattled their finances. Time Magazine estimates that Sandy will cost $60 billion between property damage and lost business. But banks and lenders have placed a sliver of hope on the horizon.
Consumers may be maintaining the highest 401k balances in over 12 years, according to Fidelity Investments, but they’re also borrowing from these retirement savings at a much more frequent rate.
During your eleventh-hour of financial need, it may become difficult to distinguish an honest lender from a predator. When a lender is saying all of the right things that make you want to sign on the dotted line, your normally sound judgment can start to show some cracks.