Sunday, January 11, 2009

Lending America

Would you believe to add to the other day's blog that when DH deposited his check at the bank, the teller told him that we had been pre-authorized for a $5,000 credit card. I give my DH a real hats off when he told them, "NO!" He told them that I had called to reduce our rate, they had refused, and yet now they wanted to offer us more money. Our request would have cost them a couple $100 dollars in interest, but would have secured the principal that we have borrowed. Their offer would extend the principal that we have borrowed and possibly put us in a position that would put the entire borrowed amount in jeapordy.

Will this country never learn? Can't businesses be ethical and profitable? It is time for a new business model. I implore companies to begin to look at how their lending practices can add to their bottom line but at the same time be sensible for their customers and therefore the financial stability of this country as well.

1 comment:

Rhonda said...

You must have been so frustrated. Good for your husband!