Wells Fargo's double whammy on credit cards, HELOCs

Wells Fargo is planning to raise interest rates on credit card customers across the board by November 30. They're rushing through an increase before a new federal ban on raising rates on existing balances goes into effect December 1.

So what does this mean to you?

Well, the giant monster mega-bank was a beneficiary of bailout money and your reward is that they boost your interest rate?! Your assignment is to reduce the amount of money you owe on credit cards. Go join a credit union and get one of their credit cards to do a balance transfer if you must. At least the credit unions are not pulling all these gimmicks like Wells Fargo.

Full Sail Mortgage offers programs to help you reduce your credit card debt. Call us today 864-451-7894.

We have one more announcement for Wells Fargo customers. The San Francisco Chronicle reports the bank is doing blanket reductions in home-equity lines of credit (HELOCs) without doing individual property assessments. This is reportedly happening to 3.6 million people.If you are in midst of using your Wells Fargo HELOC, I advises you to draw it down right away and deposit it at another financial institution so they can't automatically claw it back from your account.

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Call Full Sail Mortgage for option to protect yourself.