Banks Jerking People Around

I read an article today about Bank of America shutting down a company's credit line, which forced them to lay people off. The company was All Republic Windows and Doors LLC. Their factory closed after Bank of America canceled its financing.

My question was were they in default? I know of banks reducing credit lines for people who are paying their bills on time. I also know people getting their interest rates jacked up too. These are people who are still employed or are still in business and paying their bills on time.

I can understand if people were late or defaulting. Wasn't the bailout package supposed get credit flowing again? It's not fair. I would think cutting off or raising rates on someones line of credit would make things worse and may cause someone to be late or default. If anyone understands how banks can be doing this let us hear from you.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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