Wells Fargo Shutting Down All Existing Personal Lines of Credit

One of the biggest banks in the country announced it’s shutting down all existing personal lines of credit accounts and it will not offer any new ones.

Wells Fargo says it is making the move to simplify its product offerings, but many customers are wondering what that means for them. Rob Wilson of Wilson Insight, also known as Hip Hop’s financial advisor, joins “Start Your Day” with Sharon Reed and Mike Hill to discuss the news. Wilson says a line of credit can be compared to a credit card. “The reason that this particular issue might affect some Black folks is because everyone needs access to credit for emergencies… and these personal lines of credit typically have higher limits than you would get on a regular credit card.”

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