PS. to the previous messsage,just felt like venting sense the last 10 years have been terrible for our life time business and most recently down bad in the market too. It's has never been like this except maybe the 30's, thank you again.
Nocturnal, do you realize that you are in the smaller half of the US population. You are paying taxes. Over half of the US population is sponging on the American tax payer.
Think about it. Over half of the citizens and all of the illegals are enjoying the taxes you pay. Most do not pay ANY income tax, many get earned income credit (refund from taxes you pay) and welfare.
Think about it. We are just about a welfare state. The only problem I have is I can't get on the gravy train. I have always had to work for what I got.
Sounds like whining to me. You seem to forget as recent as 3 years ago prime interest rates were 8% more or less. Now since you said your rate was 3.5% how many times did you post telling how your rates were lowered by BB&T. I see. You didn't.
You admit times are tough and you have lost lots in the market. Now being a non-banker I would say that you became a more risky customer and I would increase your rates form 25% a month to 50%.
You don't post when your rates were cut, you post bad mouthing BB&T when your rates are raised. Yep, that is whining!!!
C has raised rates twice, BAC once, and just announced a huge increase on June 1st, for their remaining customers many of whom will have their accts closed. This could be a heart breaker for numbie
I would say the increase has been fueled mostly by the increase in FDIC insurance premiums. The doubling of coverage has cost the banking industry a 5 fold increase in annual charges.
to all that posted to my message, we run a lumber company have a 3 million dollar mill and all equipment to operate it, we only have a 300 thousand line of credit of which we only owe 150 thousand. we have no other debt on anything, as far as personal I have app. 1.5 million total worth. to the response of the person saying whiner, the banks are getting our tax money of which bbt tarp money was app. 3.50 billion,and the money suppose to help business!
How about the same reason the idiots thought they could afford mortgages on which they are now defaulting? Delusional beliefs in financial wherewithal is fairly common which why I would want to see financials before declaring some one/thing in good shape.
You must have financed your business via a home equity line of credit. Banks are now increasing the credit line rates and decreasing the amount of credit available at the same time. Folks that have maximized his or her entire line are at risk of getting in trouble due to their line being reduced. Banks are justifying/assuming your home is worth less than when you applied. My guess is most all banks are no longer offering home equity lines at all.
A 4.75% interest rate is extremely reasonable. When I was in business, I paid anywhere from 6% to 15% and thought I had a great deal. You are completely spoiled. I would be upset with BB&T if I knew they were giving out 3.25% loans. To tell you the truth, I am not completely satisfied with 4.75%. If a businessman can't make money on a 6% loan, my suggestion for that person is to go find an honest job.