Gerri Detweiler’s Consumer Alerts: Who is Bailing Out Main Street? part 2
Just yesterday I received a letter from my bank. I have several banks that I use. But this one in particular holds not only my business accounts, but also my home equity line of credit. So far this bank seems to be in safe waters (whatever that means) and appears to be solid. And I am very well aware that our government has just signed a nice big fat check to help the banks of our country help the consumers of this country…namely you and me.
But instead of my bank sending me a “don’t worry, you’re in good standing with us” letter, they sent a letter that says that they are freezing our home equity line of credit due to the recent downfall of the housing market. And while they admit that it is to no fault of ours that the value of our house has dropped by 30 percent, they still feel it necessary to put a “hold” on the availability of our spending.
Now we have been good little boys and girls and we didn’t over-extend ourselves with spending, nor did we get caught up in the buying frenzy that plagued the good people of Florida and the rest of the counrty, we just sat quietly and remained conservative. I must confess it was a little tough for me because I am more of a risk taker than my husband. But his conservative nature always prevailed. And for that, I am grateful. So every time I had the urge to install a modern day kitchen, or purchase tickets for a trip around the world that I’ve been dreaming of, my husband always dug his feet into the mud and didn’t budge. I mean the money was available, and President Bush did urge us to go shopping.
We actually had opened the line a credit as a safety net for emergencies that might come up in our life time. We have been very grateful that we have not had to use it. But now the holes have been sliced into out safety net and the security of that HELOC has also bottomed out.
I am very aware that the banks are the recipients of a HUGE BAILOUT. And now I read that they are planning on taking some of the money and using it to acquire more banks (the real monopoly game) and hoard the rest for when times get tough. I’m sorry, but TIMES ARE TOUGH, or haven’t you looked out the window lately?
And now the real question is….when are we going to be bailed out and who will do it.? ..Senators???
