A member of the family that established Venezuela’s banking system, Julio M. Herrera Velutini serves as the chairman of an international bank with offices in Puerto Rico and Florida. Julio Herrera Velutini’s bank maintains membership with the Association of Banks of Puerto Rico (ABPR). In addition to representing banks, the ABPR publishes resources for consumers on various banking matters. For example, the organization’s website contains advice on what consumers should do if it becomes difficult to make mortgage and credit card payments. The ABPR first recommends contacting the relevant financial institution, as many lenders can negotiate payment alternatives, especially in the event of catastrophic illness or job loss. After communicating with the financial institution, the ABPR states that consumers can work with consumer credit-counseling services to decrease monthly payments and devise a budget. The ABPR cautions against doing business with organizations that claim to “fix” credit problems, explaining that only time and consistent payments can resolve credit issues.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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