Banks/Financial Institutions 2

22 September 2012 Categories: Gerry's Corner

         As an addendum to my previous blog on this subject, I feel compelled to make the following comments. On the topic of loans or credit applications, I suggest to be very prudent as the rules for credit have changed and it is not in your favour. There is now a hefty fee for leaving your current bank and an additional fee to change to another bank. The fees can range from $ 400.00 to        $ 800.00 for both leaving one bank and applying at another bank. You have to get a great interest rate (which does not exist) to recoup these charges. Obtaining credit today can be more of a liability than meets the eye.

         Then there is the convenient credit card. This service is like a rattlesnake. Use it and pay it off on a monthly basis and it is great. Breach that arrangement and watch it bite you like a snake. Credit cards are nothing more that “legalized loan sharking”. You may not lose your legs but you will feel the pain. Avoid credit cards all together or use them very wisely.