from Kerry Lutz's Financial Survival Network
Debbie Bloyd has nearly 20 years of investigative experience and journalism on topics of insurance, mortgage, and financial advice. In addition to a weekly radio show, Debbie is a practicing financial adviser on these topics. She notes that Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned. The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.
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