Doug Stephens, MBA

Doug Stephens, Financial Coach in Dallas asks, ” If you have always been a good a customer, why are the banks and credit card companies ripping you off? “

Unfortunately the reason that banks are raising interest rates on the best customers is that they can. With rising defaults on credit cards, lenders are charging higher interest rates to offset losses due to poor lending practices. This means that the people that are trying to do the right thing are being punished because the banks have extended credit to customers that are unable to repay.

This is very distressing because many of these lenders have received government bailouts. They also borrow money from the government at rates of less than 1%. This means that they are stealing from you to make up for their past mistakes. Consumers will pay higher rates and some will even be pushed into bankruptcy by these unfair practices.

The only real solution is to live on what you make. A personal financial coach can help you reboot your your finances and eliminate the debt that may be robbing you. This a process that needs to be overseen by an expert. Please get help if you need it !

Doug Stephens , MBA, is a financial coach and commentator serving the DFW area. He specializes in innovative solutions to resolve extreme financial situations. He feels, and proves time after time, that no situation is hopeless