Voices of MainStreet: Scott Serene

You Can Take That to the Bank

Jan. 28, 2011

I have gone to the banks for loans before and still currently have loans out there with the banks. I say banks but what I really mean is credit union. I belong to a credit union and I have for the longest time. For some reason I find that I get better rates and service. I don’t know why but it just seems like that.

Being that I am in the business of repossession I have now seen that “having the power” can go both ways. For instance, I believe the bank holds the power over me. I don’t want to have anyone calling me or looking for me and bugging me about money I owe. I am really at the mercy of what they say. I borrowed it, so I pay it. But for some people, who don’t care about their credit or paying back the money they borrowed, they hold the power. I hear it all the time, “You can’t get what I don’t have”. It’s true, how can I pay you if I don’t have it, so that right there is where the banks lose power. A bank can do all kinds of stuff to people to try and get the money but, sometimes it is so hard to find people to get anything from them. I know it first hand, since that is what I do everyday.

I have lived here in Georgia for almost 10 years. That is the longest I have ever lived in one spot as an adult or as a person that is mature enough to be borrowing money. That is the reason I have never gone to a local or home-grown bank. I tend to steer toward a bank or credit union that my parents have used. They make very good money decisions and if it works for them , then it should be ok for me. I actually have a large bank for our mortgage and I have loans out with two credit unions. I think what scares me is that I believe that a
local home-grown bank is more likely to shut down than a large national bank. I feel more secure.

Regarding the bailouts, I think that what they were trying to do is help the banks and that would then help the people of America. I use the comparison of a shut off valve to a hose from the house. By relieving the pressure from the banks then I think the banks will take it  easier on the people. I’m not sure who it has helped out more though. Americans are still struggling and trying to find answers for themselves whereas the banks get the help from the government. And to be honest with you about whether I think the banks are on my side or not, the answer is NO. Why would they be? If I borrow then I need to pay it back. They want back what they gave me, so why be on my side?

Just like I need to watch out for my own, they need to watch out for themselves. It's OK, I understand it and I will continue to do what I do.

—Scott is a dad of four who blogs about everything from being a daddy to his love for his wife and normal issues in his everyday life. You can check out ThisDaddysBlog.blogspot.com for more.