The credit crunch has fewer people being able to get approved for financing when they go to buy a large appliance
The mortgage crisis isn't just hurting folks with a mortgage. Credit card companies are lowering limits and folks who before had good enough credit are finding it difficult to get financing for big ticket items like major appliances.
Don Monk, president of Ameris Bank in Albany says folks are being impacted by a general tightening of credit and credit standards. Local businesses are feeling it too--for each person who can't get approved, that business loses that sale.
Experts say you should try to make payments on time if at all possible. Folks should also save up for a larger down payment, which some stores now require. It's also a good idea to check your credit report before you buy. You can do so at Annualcreditreport.com.
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