I just received an offer from my bank and yes they are offering me a fix…of money. An immediate $5,000 line of credit to “get me through” the extra Christmas expenses that I just endured. Nice of them, eh? No, they aren’t taking advantage of me, they are just being nice!
Although, to be fair, I thought they knew it was me until I turned over the letter and read the conditions of the offer:
- I can’t have declared bankruptcy.
- I have to be making at least $2,000 per month.
Clearly if my bank took a few minutes to look at my file they’d be able to answer those questions, so obviously, this was a solicitation for new business. I almost threw out the letter when something started to really bother me. Why would the bank offer $5,000 of additional debt to someone only making $2,000 per month that already had too much debt that they couldn’t afford to pay? Further, if this person needed all $2,000 to pay their current bills, how in the world would they ever pay the $5,000 back?
Answer? They don’t want you to pay it back. They want you to be enslaved to high interest monthly debt payments forever, like a white laboratory mouse running on a wheel. It makes them and their shareholders millions of dollars and, as long as you aren’t late with the payments, they won’t make your life miserable. What I find unbelievable is that they know at this time of year we are emotionally and financially drained. They know we’ve just been taken advantage of by the mass marketing machines that spend billions of dollars making us and our kids feel like losers unless we have the latest and greatest of everything. And they know we need a fix.
So tell me, how is that different from a pusher who knows a customer is weak and offers them a little something on credit to get them through? Who are they really taking care of?