Emergency Podcast: Wells Fargo Closing all "Personal Lines of Credit" - Why You Should Be Mad but Shouldn't Worry

<p><strong>Wells Fargo announced today it was shuttering all personal lines of credit.</strong></p> <p><a href="https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html?__source=sharebar|twitter&amp;par=sharebar"><strong>Hugh Son CNBC Article</strong></a></p> <p><strong>Normally, I would chalk this up to "Not a big deal" because as a banker, I know what it means, but over 13,000 Twitter posts in a couple hours, with most comments being ignorant and uneducated made me do this podcast.</strong></p> <p><br></p> <p><strong>All "Personal Lines of Credit" does not include credit cards, home loans, car loans, HELOCs, etc. They are referring to an old product that maybe 1 percent of their clientele had, and maybe 10% of the clientele who had it actually used. It was a way to sell lines of credit to those who are afraid of credit cards or to consolidate debt.</strong></p> <p><strong>To put in perspective, BofA got rid of that product years ago, and in 13 years, I never saw anyone use it. EVER</strong></p> <p><strong>I will talk about one thing that sucks: The impact to your credit score, and how people don't realize that's a big dead.<br> I talk about the other Wells Fargo bad news over the years and how it seems this story is just a way to pile on Wells Again, which although deserved, helps no one and gets really tiresome hearing it over and over again.</strong></p> <p><strong>I discuss how having only this product with no other products is impossible, if not, detrimental to you if you made the decision to only have this product or a banker chose not to sell you on a "better product".</strong></p> <p><strong>I discuss how banks are pivoting to cards in order to make them fees, which Wells outlined in the statment themselves, and discussed the future of their lending. I also talk smack to the person CNBC interviewed who literally commented on how Wells Fargo is at fault for his irresponsible spending. Very controversial topic IMO, but I feel the need to enlighten you all!</st