Earlier this week, Wells Fargo announced that they were closing all existing personal lines of credit.
*WELLS FARGO SHUTTING ALL EXISTING PERSONAL LINES OF CREDIT:CNBC
This means that the US consumer is dead
— zerohedge (@zerohedge) July 8, 2021
Wells Fargo tells customers it’s shuttering all personal lines of credit https://t.co/fKIMH1pw8f
— CNBC (@CNBC) July 8, 2021
This did not make people happy. They even pissed off the Iron Sheik and the last thing you want to do is make the Iron Sheik angry.
WELLS FARGO FUCK YOURSELF
— The Iron Sheik (@the_ironsheik) July 8, 2021
Wells Fargo like much of the banking industry has historically been involved in all sorts of shady and fraudulent business practices so this news does not surprise me.
Of course, the people who run Wells Fargo aren’t stupid. If I can see how unstable the financial system is, they definitely can see it which is why they are preemptively closing these credit lines. We’ll likely see other banks take similar actions over the next several months. They’ll either close credit lines or drastically reduce people’s credit limits.
It’s going to be bad because many Americans rely entirely on their credit. Everyone sees people using credit cards to buy food, coffee, gas and other basic essentials. What are those people going to do when their credit is revoked or drastically reduced?
The whole system is running on fumes. You need to be prepared for the financial ruin that is to come.
