Trump Slump Forces Farmers to Take Out High-Interest Loans
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The Wall Street Journal Reports: Farmers in Crisis Turn to High-Interest Loans as Banks Pull Back
The Trump Slump has hit the Farm Belt, forcing many farmers to take out high-interest loans in order to stay afloat.
After his local farm bank wouldn’t lend him as much as he said he needed in 2017, Iowa farmer James Kron turned to Ag Resource Management LLC, a Texas-based financial-services firm. Now, when he takes his corn and soybeans to grain elevators near his farm, he signs the checks over to ARM until his loan is paid back in full.
We are experiencing the steepest agricultural downturn in a generation.
With crop prices stuck at low levels, traditional farm banks are placing stricter terms on farm loans and doling out less money, leaving cash-strapped farmers such as Mr. Kron to seek capital from more lightly regulated entities.
Farm debt is expected to hit a record $416 billion this is according to the USDA, which is up 40% since 2012.
Trump promised to help farmers but he's actually draining the wallets of the American people.
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