Monday, August 1, 2011

If they can, why can't I?

About 6 years ago I walked into a bank (who shall not be named but the initials are W-e-l-l-s F-a-r-g-o) and wanted to see about getting a debt consolidation loan (I was digging myself out from medical bills and poor spending choices). I walked in not wanting to borrow more money, just wanting to consolidate what I had into one loan, with a lower interest rate, so I could get my debt paid off faster.

I was denied.

The reason I was denied...

Too much debt.

(let that sink in for a minute)

I told them that THAT was exactly the reason I was trying to get the consolidation I could pay off my debt faster. As it was, I was paying just over the minimum on my cards and not getting anywhere. He said, try to get some of the debt paid down and then we can help you.

(ya, let that sink in again)

So I'm coming to you, Mr. Loan Officer, telling you that I can't get my debt paid down because of my interest rates. I'm hoping to get a loan so I can pay off my debt quicker and you tell me that you can't give me loan until I get some of my debt paid off???

(again...the sink)

I've been hearing for weeks now about our Federal deficit and how they are going to raise the debt ceiling so we can just inccur more debt.

Maybe someone from the bank not to be named (W-e-l-l-s F-a-r-g-o) needs to go to the White House and tell them that they can't gain access to more money until they pay off the debt they have already built up. Hey, if I can't do it then neither should they. What a poor example they are showing people about managing money. Maybe they need to start clipping coupons.

1 comment:

  1. It's a bit more complicated than that. The government is not a family or a person and cannot be run as such. Without the debt ceiling being raised, the government would not have enough money to pay all of it's obligations, like soldiers, veterans and the elderly. If it doesn't pay it's bills, it will lose it's credit rating, causing the interest on it's current debt to go up, causing an even larger debt and causing it to have to raise interest on student loans, housing loans and the money it loans to other countries and banks. It's a bad domino effect. Trying to change the government spending through the debt ceiling is bad policy. Change it elsewhere, then they won't have to raise the debt ceiling. It happened before, back when Clinton & the good economy gave the government a surplus.