Whose Best Interests Are the Banks Really Looking After?
Some people love the banks and some people hate the banks. You have probably heard the expression "Banks always want to lend you money when you don't need it". Then when you do need a loan, they want security and collateral and your first born.
There is no question that Canadian banks play a vital role; locally, provincially, nationally and inter-nationally. Without the banks, our economy could simply not function efficiently or effectively. But are the banks getting too big and going too far to gain market share and profits at the expense of their own customers?
I have had several heated discussions with my friend who is a Bank Manager for one of the Big 5 banks. I told him that in my personal opinion, banks are similar to drug pushers at the local high school or university. Of course he was deeply offended by such an analogy. So I explained myself. As my son entered first year university, most of the banks were on campus offering students a credit card with a $500 limit … no parent co-signature needed, no job needed, and no income needed. By year 2, this limit was automatically increased to $1,500. By year 3, it was increased to $2,500 and by the end of year 4, it was increased to $5,000. The bank's objective? Get these kids hooked on (or addicted to) debt at a young age! That guarantees future bank revenues for another generation.
Let's take a look at a few scenarios that affect everyday Canadians.
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