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Pastimes : CNBC -- critique.
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To: Yogizuna who wrote (14271)7/14/2005 12:54:40 PM
From: Smiling Bob  Read Replies (1) of 17683
 
Banks have notoriously been greedy. Bulk of profits come from stealth fees. I knew someone who had taken advantage of low interest teaser rates to take advantage of opportunity for a small business with the intent of rolling debt over into home equity loan. The business did great. But shortly after she borrowed and transferred balances to capitalize on rates, the cc's together lowered her limits making it appear as if she had maxed out her credit cards. Then they used that as a reason to max her rate because she was now considered a "high risk."
Her credit went from perfect to very poor and she ended up defaulting on some cards because she was no longer able to get a refi loan. So the banks screwed themselves there.
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