southern MN | mt875 - 4/26/2017 15:29
I would argue most CANNOT pay off their operating note, at some time during the year. I would also argue that most CAN pay off their note at some point during the year as well.
"if I could have come up with the money" The thing is, you don't know when it's the best time to borrow the money, I assume the year before you did what you had to do to farm the ground you had. At that time you didn't know that it was a horrible time to borrow money and the next year was going to be a great time to borrow money. Just like now, we don't know if we should borrow money or not borrow money, just do the best with the information and the opportunities that we have now.
I'm not advocating anything, I just get tired of the world is ending and everybody is going broke. Maybe we will, maybe we won't, but I do try to make the best decisions with the information I know at the time the decision has to be made.
edit grammatical error
I think the issue is that none of our decisions matter on this.
The bank will do what is in their best interest at the time, and if that means tossing good credit people under the bus and propping up folk that proved to be a real bad risk, then that is what will happen.
The bank will be able to dictate who can move foreward and who gets breaks moving forward, and who gets broken. There will be absolutely nothing remotely 'fair' about this.
And that is not going to be based on your or my choices and decisions and how carefully we manage or time our finances.
It will be based on how the bank figures it can get the most out of what it has.
The lending contracts are written one sided, with the option for the bank to call in at any time. So it is a one-way street. Clearly folks don't take loans unless they don't have the cash to pay them. The bank has collateral, plus can call the loan any time.
Pretty one sided eh?
Paul |
Line of credit limits
