Connecticut Journal; People's Bank; Executive Shots; Tina Gabriel

OK. OK. Are you telling us Tina Gabriel TNA out. And I'm the first vice president in charge of consumer financial lending. It's OK right. Oh sorry. Why do I talk since the since the Great. After all we sit like this. It's oh why have you any good. You might be. But the. For all intents and purposes the the growth rate has

slowed. However it is still at record high levels at over a million per year. Why. In good times. That's a very good question. There seems to be from what we see a tremendous urge for people to spend. We see it as just from our own from our own customers and the stories that they tell us. There's a tremendous feeling it's almost like a perception a feeling out there of wealth. And although it in most times it turns it's almost a paper while feeling you know the stock market's doing great there's full employment all these great things happening yet people that now have should have the means because of a full employment market to save aren't saving. They're spending they're spending cash faster than they earn it because there's that feeling of my

future will be OK because I've got my fourline Cain a stock market in the stock market is doing great and it's just that feeling that perception that our consumer that consumers have out there was just one way to do this. OK sorry Larry I'm sorry I just don't want to throw the whole thing. Watch people. People need to look at what they can afford. They need to really look at what their budget is. A lot of what a lot of people don't do is they don't budget. And they need unfortunately they get themselves into into trouble because it's you know I really want that that's the here and now I really want that new DVD. I really want that new 35 inch you know TV etc. and they

forget it's they forget that when they're borrowing money they have to pay it back and they have to have the means to pay it back. There's unforeseen circumstances that occur in everyone's life and then a lifetime and you almost have to have the financial wherewithal to always keep that in the back of your mind that you know times are great today. But I really need to say for the future and you really need to prep to prepare myself for an economic downturn if you will. What if I lose my job. A lot of people unfortunately don't think in those terms. And that's what gets some people into trouble. What should the laws be changed. You know the history of bankruptcy laws is that the law was there to protect

people that had some unforeseen tragic event for instance that took place in their lives such as the death of a spouse a divorce an illness. You know with rising medical costs that's what the in the original intent was to provide some protection some relief for those kinds of situations. What we've seen in the past is that some people that can afford to pay are filing bankruptcy. It's almost like it's an easier way out. So to that extent I think lead we do we do need to tighten legislation with regard to who should and who shouldn't. And if there is a you know you trying to determine if you will someone's ability to repay some or portion some most of of what they owe you get situations look good. Yes thanks. Write us all sorts of

landings. Let people giving more giving out work to people in those times. Much of these lending sources lead you over extending credit. Yeah obviously I can't speak for you know other other lenders but I can speak for what we do here. We analyze our prospective customers prospective customers and we look at their ability to repay. We extend credit whether it's to buy a car or to purchase a home or what have you. And we look at the person's ability to be able to repay that loan back. We certainly don't want to get people in a situation where they're not able to pay back because it's a lose lose situation and that you know sometimes it does happen to some people. They get

themselves into financial trouble. And but you know I consider people's A have a sound business and we would look to provide services. To our customers to provide what you know what they're looking for and what they need. But in terms that you know we create a win win situation to where they can pay it back. What signs you see has a no credit review products that you know it's just in time and you know people get a false sense of that. So absolutely they look at the stock market. They get rich. Therefore I must use what I like companies and I don't have a job

and then they go away. She gets to make all these producers is there a fly that is free to use it. You say you know what we offer. You can use this size. Yes. When do you folks see size and raise. We see signs for instance where some customers that are in trouble will know that they were never late in making a payment. All of a sudden their patterns are changing to where they are late more frequently and they're late in greater stages of delay so that instead of going for instance you know one payment pass still they'll go to payments past. So we start to see those kinds of signs where their balance balances perhaps maybe start to build. They're there they write checks for instance that unfortunately they're not able to budget. So they start to

bounce. Those are the telltale signs and it's at that point early intervention is really where it really makes a difference. And what we try to do is when we do see those signs and at the minute where our customer becomes you know past due then it's we believe in early intervention in talking to the customer understanding what is going on because the earlier we can help them the better off. They'll be in the long run. You know again if you have these mountain late payment fees etc etc and you let the obligation go on going go they get this overwhelming feeling that oh my god I'm never they they can't see the light in that. At the end of the tunnel. And that's where we work with them we also refer them to the nonprofit credit counseling agencies because chances are it's not just us that they're having a problem paying. It's all the other creditors as well.

And they're able to look at the whole picture and try to structure a debt payment program for them. And we work you know in conjunction with the credit counseling services and the customer.