This is why we’re all in trouble

Yesterday I went into my secondary bank to take advantage of one of my new job’s perks: employee discounts on my banking. I was able to take advantage of a wonderful prime + 1% deal on my personal line of credit, so instead of the interest rate being 7.5%, it’s now only 3.25%, which saves me a bundle. But my experience with the banking representative reminded me of how so many of us got into debt trouble in the first place.

Firstly, she “yelled” at me about the fact that I hadn’t paid off my one credit card, and how I was being charged a double-digit interest rate on that balance. Duh, thanks lady, but I’m well aware of how much I’m being charged in interest, and I don’t need you to tell me how much of a pain it is! I’m angry enough as it is.

Secondly, she tried to get me to increase my line of credit limit so that I could pay off the credit card and save some money on interest. I told her that I wasn’t interested. “Well, when was the last time your credit history has been taken?” she asked. I was a little puzzled by that, but realized that she was asking me when the last time was that someone made a request for my credit history, like when you apply for a mortgage, loan, or credit card. I told her it had been several months. “So what date was that?” she asked. Again, I was confused because I had just told her that I wasn’t sure of the exact date, but that it was in February or March. She continued to pressure me to increase the limit, but I held firm and told her I wasn’t interested. Yes, I know that I could save some money in interest, but I don’t want to be requesting more credit every two months, you know? Sheesh, lay off lady!

Thirdly, she then tried to sell me some more financial products (I think it was some retirement savings), but I told her I was good.

As someone who’s well-aware of her financial situation, I am in a good position to decline a lot of these things and remain firm, but if you’re not sure of where you stand, you can definitely fall prey to these tactics. I felt this woman was being a bit of a bully, and also a tad condescending when she was “yelling” at me for carrying a balance on my credit card. Yes I know it’s not the smartest thing to do, but it’s where I’m at right now financially, so just piss off! (She had gotten me that angry that I was cursing a blue streak in my head at her.)

But if you’re someone who isn’t as financially-aware as me, if you’re really feeling the pinch, you might just fall into the bank’s “trap” and take them up on their offer of the extra “help”….and then you’d end up in a worse situation than you were when you walked in there.

So beware of what the finanical reps tell you at your bank. They don’t always know what they’re talking about, and they might just be trying to pad their stats or make up a sales quota. Be informed before you speak to anyone in a financial capacity, and stick to your guns. Remember, it’s YOUR financial life, YOU should be the one in control.