As Consumers Dive Deeper Into Credit Card Debt, Banks Rake In Profits

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When you try to open an account at Wells Fargo, they work up a customer "profile" and try to figure out how to sell you every financial instrument under the sun, from company loans and house loans to higher fee checking accounts. And that's all before they take your fingerprint, which is now apparently required at all Wells Fargo branches (thumbprint, actually, which sounds less incriminating than "fingerprints").

Personally, I would never do business with Wells Fargo. But a lot of people certainly do, and Wells Fargo's profits are only exceeded by the rising personal debt and bankruptcies of American families. There's a whole lot of money leaving the hands of hard working American families, and much of it is heading straight into the coffers of the largest banks (who seem to rake in extraordinary profits whether the economy is good or bad).

A lot of the money loaned to customers as home mortgage loans, it turns out, isn't used to buy homes. In many cases, customers are cajoled into taking out new loans on their homes in order to refinance credit card debt. After a few months of spending on the balance-free credit cards, they're back into credit card debt and the banks own their homes, too. How's that for customer service?

Home loans are already dishonest enough to start with -- they're designed so that your first few years' payments hardly touch the principal. You've paid $10,000 over the last year and still don't own more than a couple hundred dollars worth of equity. To market home mortgages to people as a way to pay off their credit card debt is extremely irresponsible.

There's far too much predatory lending going on these days. By and large, banks aren't really interested in helping their customers, they're simply interested in bilking them out of a few more dollars each month. That's why American workers are dubbed "wage slaves" by the people in the know. It's the illusion of financial freedom in a system that keeps siphoning your hard earned cash, day after day, year after year, until the day you die. And then you get to pay for that, too.
About the author: Mike Adams is a natural health researcher and author with a passion for sharing empowering information to help improve personal and planetary health He has authored and published thousands of articles, interviews, consumers guides, and books on topics like health and the environment, impacting the lives of millions of readers around the world who are experiencing phenomenal health benefits from reading his articles. Adams is a trusted, independent journalist who receives no money or promotional fees whatsoever to write about other companies' products. In 2007, Adams launched EcoLEDs, a maker of super bright LED light bulbs that are 1000% more energy efficient than incandescent lights. He also founded an environmentally-friendly online retailer called BetterLifeGoods.com that uses retail profits to help support consumer advocacy programs. He's also a noted pioneer in the email marketing software industry, having been the first to launch an HTML email newsletter technology that has grown to become a standard in the industry. Adams volunteers his time to serve as the executive director of the Consumer Wellness Center, a 501(c)3 non-profit organization, and pursues hobbies such as Pilates, Capoeira, nature macrophotography and organic gardening. Known by his callsign, the 'Health Ranger,' Adams posts his missions statements, health statistics and health photos at www.HealthRanger.org


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