A report published by the Federal Reserve this past Monday indicates that outside of prime loans, banks are still reluctant to loan money to people or businesses. It seems the consensus is credit will start to loosen significantly by the middle of next year, especially as demand picks up from where it is now. A separate study conducted by the Treasury Department seemed to indicate that mortgage demand has been rising, but demand for business loans continues to lag. It’s hard for there to be capital investment and therefore the creation of wealth when banks are not loaning. In both surveys, the underlying theme is pessimism; most of the executives and loan officers surveyed indicated that it might take another year before demand, credit-worthiness and access to funds return to desired levels.

Banks still reluctant to lend (CNN)

Federal Reserve Loan Survey

– Michael

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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