Banks are at it again… watch your Credit Lines !
By: Chris Malta.com
Our banks are at it again. Covering their own a$$ets while
screwing over the small biz owner.
Here’s the latest thing our bailed-out banks are doing to “help” small business.
They’re going after small businesses that have credit lines, and forcing them to “convert” the majority of their lines to “Term Loans” at twice the interest rate.
So, if you have a $100,000 credit line and you’ve used it, they’ll wait ’til your annual renewal, and tell you that you have no choice but to convert $50,000 to $75,000 of that outstanding balance to a monthly term loan at twice (or more) the interest rate you were paying on the credit line. Even if you never missed a payment.
Congratulations, banking institutions of America! You’ve managed to cover your a$$ets with OUR tax money AND find a way to take even more from us after we pulled your chestnuts out of the fire. When we get out of this recession, it will be DESPITE our banking system, not because of it. Disgusting.
Isn’t anybody at the Federal level watching what these morons are getting away with? Maybe if they weren’t out spending our tax dollars buying Chinese banks…
