Under the heading of You Can’t Make This Stuff Up, Wells Fargo just sent out a newsletter that calls credit card debt, bad debt. I guess their mortgage division didn’t discuss this with their credit card division.
The page from the newsletter, which you can see above, calls mortgage debt good and credit card debt “the other type.”
But the best line has to be where they lump credit card debt in with payday loans. “Credit card debt and payday loans are two examples of this type of debt.”
And then in a moment of banking truth, Wells Fargo says, “Debt on depreciating assets, on the other hand, offers you no opportunity to build wealth or get an appreciating asset — and it usually costs more money to keep a balance due to high interest rates.”
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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