MFA Musings: 10/22/18
Today is a good day. The Detroit Lions won another game, and are over .500 after six games.
Another reason that today is a good day is the average FICO score in the United States of America reached 704. There are now a record high number of Americans with a FICO score (58.2%).
Let’s look at delinquency, another view of the financial health of consumers. The FDIC reports that only 1.15% of the nearly $10 trillion in loans in the banking system are past due. This is an amazingly low number of delinquent loans.
Take advantage of this strong credit and low loan loss funding time to grow capital. We do not see the world falling apart any time soon, but this incredibly strong credit environment will change.
Profitability should be high today, with limited credit losses. Contact your advisor to discuss ways to grow profitability in this competitive market. All of us at McQueen Financial are dedicated to your long-term success.
Have a great week.