Tim, Tim, Tim. You've been throwing around a lot of scary words like "disaster" and "hardship" and you seem a little tense. Don't freak out. You're a babe in the woods when it comes to financial hardship, so let me guide you through this.
Many financial institutions are hopelessly insolvent, holding mountains of toxic waste that will never be worth anything. So why are we implementing policies that simply maintain a credit-based economy?
Capacity, capital, collateral, credit, and character are the "Five Cs" that loan offers learn in Lending 101. But to most small-business loan applicants in need of money, it is an esoteric and arduous exercise.
If you have excellent credit, there's a good chance that you have a Visa Signature credit card, a World MasterCard credit card or an American Express charge card. If this is, indeed, the case, you might be in for one nasty surprise.