Today, CNBC reported major news: over the next few weeks, Wells Fargo will stop accepting applications for Personal Lines of Credit and will also close existing Personal Lines of Credit accounts. A Personal Line of Credit is not a credit card. It is more like a loan, but it is not limited to a specific type of purchase. Some people use it to get cash and pay off high-interest credit card debt. However, Wells Fargo also said that after shutting this product down, it will focus fully on credit cards and loans.
“Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.
