I used to work in the mortgage industry years ago. I was a loan officer and I had to deal with customers and the banks that were going to lend these customers the money for their mortgages. Not everyone, but definitely some of these people acted like you were borrowing money from their own personal bank accounts. Banks are like that.
A few years ago our economy almost came to a complete halt. A couple of major companies were on the verge of bankruptcy, Freddie Mack and Fannie Mae, were going under, and America’s downward economic spiral began.
The government felt that pumping 700 billion dollars into these financial institutions, and keeping them afloat, would be the answer to righting the ship. They were wrong.
Instead of righting the ship, the banks and financial institutions, invested this money from the government and made a lot of money for themselves. They paid the government back in record time, and then sat on the pile of money that they made, instead of putting it back into the economy and getting the ship back on course.
This is what the Banks did with the stimilus package
Oh, they did use the money for some things, like building a new company resort for their CEO’s and high officials, so I guess it wasn’t a total waste.
Just a little place to unwind
The one thing that I had a very hard time in dealing with was the total difference from the way these corporate higher-ups viewed people like you and me. We are just a means of business to them.
About thirty some years ago, I was in a financial situation were I was advised to file bankruptcy. I had a wife and small children to take care of, but I also felt that filing for bankruptcy wasn’t the right think to do. I owed this money and I was going to pay it back, and that’s exactly what I did. All the fees and late charges, I paid it all.
It took me years to pay it all back, but what did I gain from taking this noble route…nothing. My credit was still damaged and it took me even longer to get that back, and the banks and financial institutions that I was dealing with, still treated me with disdain, no respect, like I was a third class citizen.
I found out years later, when I was in the mortgage industry, from banking people who I started to develop friendships with, that banks don’t care about you or me, all they want is their money and they want it with interest. Legal loan sharks is what I like to call them.
They monitor your financial situation very closely, and even though you have a good credit rating, and you pay all your payments on time, or you may even make extra payments, it doesn’t matter. When they see activity that might send a red flag to them that you maybe starting to get into trouble, like making utility payments with a credit card, or buying food with a credit card, they will see this as a sign that you are in trouble.
Do they offer to help you…no way? They see this as an opportunity to make money. They drop your credit limit for no reason, and this shows the credit bureaus that you are maxed out, and this will drop your credit score. Then they raise your interest rate, which is going to make it all that much harder for you to make your payments on time. Once you are late, the fees and late charges start to pile up, and you start to sink like a rock, which is exactly what they want.
You see, they don’t make any money from people who use their credit cards as cash, and pay off the balance at the end of every month. They only make money from people who are sinking in debt, and just like a shark that sees blood in the water , they swim around for the kill, and they will milk you and milk you for all the interest and late fees that they can legally get.
Ever wonder why, as you are in this financial downward spiral, you’re still getting credit card applications in the mail? Or, even after a bankruptcy, you will get bombarded with enticing advertisements for credit? I know of people who have gone through bankruptcy, and within a year or two they are getting offers for credit cards and loans again that will lead them right back down the hole they just crawled out of.
Why, because the banks and financial institutions know that you are a good target to get back into debt, and they will make a lot of money off of you.
This is why the banks and financial institutions want to keep you in debt. By keeping you in debt, they make money.
Don’t let them do it. If this is you, stop this merry-go-round and get into a good financial class that will train you on how to use money and credit. Don’t be a slave to your money, make it a slave to you, and learn how to use it to make more money for you and your family.
If you would like to work with me and learn how to generate $300 to $500 a day, and we pay weekly, click here and you will be redirected to an application site. Fill in your information and either me or one of my associates will call you once this process is complete.
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