Home#COVIDWells Fargo Removes Personal Lines Of Credit

Wells Fargo Removes Personal Lines Of Credit

Money Begins To Exit US Economy

July 9, 2021

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In a sign of the times, Wells Fargo has announced that they are ending all personal lines of credit. 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. Adding pain to the delivery is the fact that Wells Fargo’s actions may negatively impact their customer’s credit scores. The cascading impact of this on the economy is anticipated to stymie what little recovery there has been, thus far, during the COVID pandemic. Whether or not other financial institutions are reading the same tea leaves is yet to be seen. What we do know is that this action is almost an identical picture of how the 2008 Financial Crisis began to unfold.

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