Fritz Elmendorf Credit Quotations

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.

The broad trend among banks is to service customers almost regardless of their credit standing. They do not want to turn a customer away, particularly if it's a customer with a checking account or another relationship.

A lot of people get a home equity loan and do it on their own, short of going to a credit counseling agency. You can consolidate your credit card debt and have a lower monthly payment that will maybe get you through a squeeze.

A lot of consumer advocates say you shouldn't put your home at stake, and that's advice worth considering. But using your home gives you access to credit that's cheaper than other sources.

The larger banks are seeing a lot of market share in this area, but the larger credit unions and the ones being run by ex-bankers are setting up arrangements where a non-member can finance a car right at the dealership just by signing up to be a member.