Thursday, November 12, 2009

Banks Upping Loan Interest

Banks have lately been trying to find a way to increase borrowers’ monthly interest payments, according to Diena. For instance, many who took out mortgage loans from Swedbank have been informed that their loan interest payments would increase due to new debts they may have acquired or because of insufficient money transfers to their bank accounts in Swedbank, or because they failed to send a Christmas card to their loan officer.
Said Henrik Pikksalu of Swedbank’s consumer credit division, “We keep track. The gloves have come off. I’m raising interest rates right across my portfolio for any reason at all. One customer’s rates were increased, and then he made a smart-aleck remark I didn’t like, so I jacked his rates up another 5%. The message here is, ‘Don’t look us directly in the eye, or you’ll wish you hadn’t.’ ”

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