Why consumers don’t trust financial institutions

My spouse and I are considering refinancing our home to see if we can lower our monthly payment before interest rates rise. I made the mistake of filling out an online form which sent my information to what seems like every financial institution in the country.

I spent the next two weeks dodging and sometimes blocking their phone calls, but one snuck through. The person who called was pleasant and knowledgeable, but it was clear his goal was to sell, not help.

Sure, he could lower my payment, but he wasn’t saving me a dime by taking the less than 20 years I owe on my mortgage, adding my car payment (at a rate much higher than my current auto loan) and spreading it out over 30 years. In fact, he was costing me money. I couldn’t help but wonder how many other consumers he had “helped.”

The man was friendly enough, but he wasn’t helpful and my consumer experience was less than stellar.

This is why consumers don’t trust financial institutions.


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