In my mail today is a letter from Mr Andrew Rowe, a “consumer finance executive” at Bank of America, offering me “a major opportunity to consolidate your bills with a loan of up to $50,000 at competitive non-variable rates.” What’s more, “there’s never been a faster, easier way to get the extra cash you need to help pay off high-interest debt or to use however you decide.”
But wait, there’s more: “There is no collateral required, no application fee, and no annual fee.” And they’ll deposit the money to my checking account in as little as 10 minutes. So, like I said, apparently credit is still out there to be had, somewhere.
Of course, we don’t know how long ago B of A planned this particular offering, but judging by my own credit reports, and the fact that a different bank a day or two earlier offered to refinance the palatial estate at Surlywood for something like $40,000 more than it’s worth, I’d say that the industry is anxious to move any product on which it thinks it can get some actual return.
Or maybe not:
I tore the letter up and threw it away as usual, but I probably should have saved it as a historical document. There’ll be less of that kind of thing for a while, or I miss my guess.
We shall see. I’m watching my mail.