Credit Lines Slashed! – 94 Banks At Risk of a Bank Run | I Allegedly

Hey it’s Dan, welcome back. You’re watching IAllegedly and I’ve got a good one for you today because while you’ve been distracted they are cutting people’s credit lines at banks and the number of banks that are in trouble has risen much much higher. There’s a lot to cover. I’m going to cover it all and please like, comment on the video and today we have a new sponsor too, Canaladon, and we’ll talk about them a little later. But I want to get right into this because over the course of last week I’ve had over a dozen letters from people that have emailed me and said hey listen I have had my credit line cut and I’m a great customer and this is absolutely unbelievable and I want to know what I can do about this but one man in particular, John from Ohio.

John from Ohio went to town. John from Ohio wrote me, number one, a great letter with spicy language which I would like to share with you but I can’t use half of it on here but he sent an extreme amount of detail to explain why he was taken advantage of and first things first, John’s been following the channel for a very long time but think about this, John was offered a credit card from Home Depot. No interest for 18 months. Wow, huge credit line. So John’s like you think about it, Dan, that’s what you would do.

You’d go out and you would, if you were going to remodel your house, he did two huge purchases for the remodel of his house and went out and spent a bunch of money. Now think about this, guys. Let’s just use round figures. Let’s say he spent $10,000. Well, to sit there and to use their credit and spend a thousand dollars a month and not have interest be charged to you is brilliant. It’s absolutely very intelligent to do that and that’s what he did but here’s the thing, Fidelity came back to him and said, hey, hey, hey, hey, your credit is not good right now because you’ve got certain accounts that have a high balance.

He’s like certain accounts, what are they talking about? So they cut his credit line. He lost his mind, okay? And again, think about this. This guy is not some deadbeat. This guy is not somebody that is not successful and what you’re seeing right now is the banks are creating their own credit rules outside of Experian, TransUnion and XFX and the people in the UK, you know what I’m talking about because you guys are experiencing the same thing as well. So here’s the thing, think about this. John, I mean, John sent me everything, absolutely everything and I want to give you an example.

I mean, he sent me copies of his credit report, blocked out certain things but think about this. I just want to highlight some of this stuff. Payment history, 100%, 100% of his payments. Credit card uses, he’s only at 30% of his total credit card usage. Guys, I have seen people send me stuff where it says it’s at 127%. I have seen myself at 99% before in darker days if you know what I mean. Okay, derogatory marks. John’s got zero, zero derogatory marks on his credit report and his credit age, two years, three months.

Hey, you know, you need to work on this stuff right now. Now, here’s the thing. Elon, his visa, they wrote him and said, listen, we’ve lowered your credit line by 90, $8,500. So he’s like, damn, this is just getting ridiculous, but it’s not because they’re doing this to everybody and they’re trying to pick reasons to do this. So John, who’s not a deadbeat, who is just a victim of what’s happening in this world because the banks are in trouble and the banks have been tasked. They have employees that are literally going through our files right now and saying, ah, Dan’s got credit here.

Dan’s got no credit here. You know what? Lower it. Just lower it. Lower John’s, do this. Now, think about this. This guy did everything right. The Elon letter, I mean, this guy sent me everything. And again, I don’t want to give anything else other than John from Ohio. I really want to thank him for this because so many times people write, they’re really upset like he was, but they give no ammo and just say, can you talk about this? And it’s like, yeah, if you tell me a little bit more, this guy sent everything.

And I really appreciate it. But think about this. You get offered a credit card with a super high rate. Let’s say it’s $20,000 and you put 10,000 on that card. Why? Why are you not supposed to why should that affect everything else? If you’re paying again, 100% on time, no issues, no late, no derogatory is nothing for this guy. This brought me to the UK. The UK is having the exact same thing because they’re having the issues with the banks as well there. And there was a great story that you’ll see below from Marsha and Rupert that work for the Guardian.

And they both have their credit lines cut. And think about this because you’re going to experience what I’m about to say very soon again. A lot of people owe on their credit cards. Let’s say you owe like Rupert, he owed $4,500 in his credit card. And overnight, they lowered the his credit rate, his limit to $450. 90% was never late. He’s got a great job that same job as Marsha. But no, no, no, no, no, you’re a deadbeat. We’re going to limit our risk. One problem is that if you have, let’s say $4,000 in that card, you have to pay the card below the $450 marker, you’re considered over your limit.

See, that’s what’s terrible. And this is going to happen more and more and more as we move forward. The banks are not doing well. I’m telling you guys, the foreclosures, the bad real estate loans that you were about to see explode, the businesses that are going bankrupt, the layoffs, you know, the people that write me, first of all, do me a favor, just save, save the strokes on your computer or your cell phone. If you want to see everything’s great. It’s all you Mr. gloom and doom. Okay. You know, Avon, a staple of my childhood, you know, with my mom going to Avon parties and the Avon lady coming over, they just filed bankruptcy last week.

Hello. Okay. What are you going to do guys? What are you going to do? Everything is suffering right now. And it’s not the same anymore. And if you think that business is good, you’re kidding yourself right now. Absolutely kidding yourself. So the next thing when it comes to the banks is we were told that there were 68 banks that were potentially in trouble that ran the risk of closure just two months ago. No, no, no, no, no. They did a new report. It’s 94 banks. 94 banks. Okay. Now, here’s the thing about this that’s that’s disturbing is that you’ve got banks that have even as little as a billion dollars in assets that are in trouble right now and they did these reports and the idea with this is that it’s designed to find out the risk assessment of these banks.

If you’re concerned about your money, if you’re concerned about where to put it, look at different options. Look at credit unions. Look at everything else. Have multiple sources right now for your bank because the bank of New York Mellon has a hundred percent ratio of uninsured deposits. Hello, hundred percent ratio. What they’re concerned about is that people are going to do a Warren Buffett and bail on the bank because if the rich people go, they’re going to take care of them first over the peasants. We’re not going to get treated good during this time.

Please understand that. So, you know, when First Republic and Signature and Silicon Valley Bank went down, that was the start of it. That was just the beginning of this whole thing. So now it gets worse, guys. It gets worse. So protect yourself. You know, we’re going to have a bunch of questions in the next video. I cannot wait to get him out and we’re going to ask him everything. I’m going to go through your questions. I’m going to go through the state of the stock market and what he thinks about everything.

I cannot wait to share that with you but there’s a lot more to cover out here. Let’s talk about our sponsor, Canaledine. If you suffer from pain, joint pain, back pain, you know, any type of pain, there is something you can take that was developed by a medical scientist, Clinton Winters. And what it is is it’s called Canaledine. It’s all natural. It is a daily pill that you take. It’s a natural pain reliever that does not have any narcotics to it and it will not make you groggy. If you go to tricono.com forward slash, I allegedly, you can take advantage of this low price which is basically less than a dollar a day to try this.

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Check it out today. Use the link below and sign up for this and eliminate your pain immediately. Look at the seal, guys. Just laying on somebody’s boat, hanging out. Just relax. Thank you. You have to look at the state of the economy and you cannot ignore the layoffs. You cannot ignore the business shutdowns. You cannot ignore the fact that even in the financial sector there is a company called Tally. Tally is a company that would help you pay off your credit card bills. San Francisco based startup that started in 2015 raised a ton of money.

Just laid everybody off and they did this via a LinkedIn post, which is absolutely terrible. So laid 183 people off last week and just terrible. Absolutely did this, you know, but you’re not supposed to sit there and say, oh, the economy is great. It’s not, guys. There is a huge problem right now with everything. And when you have a financial services company that helps people get out of debt and they’re struggling, it gets worse. Okay. The next one, nice romantic, we can go on a gondola ride together. Isn’t that nice? It’s just plugging along.

That’s feel good. Anyways, the next one is Northrop Grumman. Their space division, 550 people are losing their job here in California. Once again, they’re not working on space anymore. Is that done? No. They’re getting rid of head of households. All these people are suffering. All these people are getting laid off. But again, it’s no big deal, Dan. This is nothing to be concerned about. You’re not surprised that the banks are cutting people back. The banks are not having payroll done. You’re having companies that are completely going out of business right now and folding up shop that do financial services.

You’ve got space companies here in California, in San Francisco, you know, that’s, you know, laying everybody off. So it’s crazy, guys. It’s absolutely nuts. And you’re continuing to see this over and over again. Pure Watercraft in West Virginia. These boats right here, these small boats, these are called Duffy’s. And they are electric. They’ve been around for about 25 years now. And they don’t go fast. They’re designed to, you know, putt around the harbor and to have people get out and have wine, dinner, and stuff like that. Well, the problem with it is that people want to build speedboats and, you know, different racing boats and things like that.

And they fail dramatically because it’s one thing to go around the harbor and take your Duffy and just hang out and enjoy yourself. That’s one thing. But to sit there and to say, oh, we’re going to build speedboats is nuts. So Pure Watercraft, you know, shuts down in Beach Bottom. Might as well be, you know, Spongebob Square Pantsville at Bikini Bottom. But kind of funny because you’re seeing this over and over again and again, you know, the mayor of the town is like, hey, this isn’t going to affect the town at all.

But it is. It’s people lost their job this week because they shut down and they’re completely closed. So this needs to be looked at, guys. This is not something that just continues. Now, now there are people that are doing fine. But you, you know, you hear about all these incentives and Kamala does her announcement on all the things that she’s going to give. And it’s like, who’s going to pay for this? The middle class is going to pay for this, guys. You just can’t have free love and free lunch and have all this inflation.

You guys, I want to ask you a question. Think about this. Would you have given up the inflation if you didn’t get the stimulus check? I’d say yes to that. Keep your stimulus money. If the prices were the same that they were four years ago, that’d be awesome right now because I’d be buying a huge house right now instead of it being double in price right now. Do you know what I’m saying? It’s affected so many people. Now, the people that don’t have, you know, a way of making ends meet right now that are just trying to get by right now.

Those are the people that are affected the most. And I want you to think about this because things get thrown out there and, you know, I’ve had two people mention this to me. You know, Kamala’s going to build in her first four years. She’s going to build three million low-cost houses and apartments. I said, really? Okay. Well, guys, think about this. Four years. A year is 365 days. Times four is 1,460. Divided by three million. Okay. Do the math on this. Pull out your calculator. It’s 2,064 houses a day. Oh, that sounds like a lot.

Yeah, it’s impossible, guys. Can’t build 2,000 houses. Grant Cardone couldn’t build 2,000 houses a day. And I love that guy. Okay. So, you know what I mean? So, let me know what you think about this. You can’t have things like this. You just can’t have the promise of everything’s going to be free. We need a safe world right now. We need a world that you can get up and you can go to work. This is the problem with like Tally and San Francisco. They took, you know, they wrote the streets that they were on and I’m like, God, that’s hell right now.

I would never want to go there. I tell everybody, stay away from San Francisco. You know, it’s just it’s too much. The prime is too much. The drug use, everything is just too much. So, another company down for the count up there. Let me know what you think so far, guys. Look at the seal just sitting there snoozing, guys. Isn’t that cool? It’s hanging out resting. Isn’t that awesome? I’m going to finish this video with these last few stories and I want to go into something a little deeper this time.

That was Avon going bankrupt. You know, think about this. Avon was one of the first companies. You had Mary Kay, you had Tupperware that were independent sales reps that would go out and you would, here’s the catalog, here’s the forms, you take their money and we will ship it to you and you will deliver it to them and you will make X. It’s like I knew people that made money doing that. My friend’s sister, when we were kids, Brian’s sister got an apartment selling Avon. That’s how she paid for her own apartment many moons ago.

But the point is, is that Avon’s done. Avon has not been in the United States selling with the independent reps since 2016. But in the UK, they’re done. They’re done, done, done. Isn’t that sad? It’s terrible, guys. Absolutely terrible. So, this is a global problem. This is a global problem. And the next thing is Purdue Chicken. Think about this. They have 167,000 pounds of chicken nuggets that they had to recall because there could be metal shards. And mommy, my feelings feel funny. Yeah, exactly. Okay. So, you can’t have foreign substances in food. Ryan Seacrest’s girlfriend, she’s suing an airline in a water company because she had plastic in her water bottle.

You know, it’s not good to ingest foreign substances. So, final warning, which I’ve warned you guys about in the past, and I’ve even had relatives call me over the last year and say, can you help me out? Can you co-sign for me? Please don’t ever do this because I want to give you an idea of Sabrina Finch. Wanted to go back to school in 2004 and she was doing great and she was going to be, you know, become a nurse. Everything was fantastic. Well, Sabrina got sick and became, you know, had a mental illness.

And the problem with it is she can’t pay her way, couldn’t finish school and is basically, you know, cannot handle, you know, paying bills at all. So much so that they let her out of the debt. But you know what they did to her 85-year-old mother? They’re coming after her for the school loans now because she co-signed for it. So, read the story below. Do not co-sign for anybody. Okay? Everybody has the best of intentions. Do you think Rebecca, you know, didn’t mean to have her daughter become a nurse and go through school? Of course she did.

Now this 85-year-old woman is at the risk of losing her own home because of this. And again, guys, we talk about financial stuff all the time just to warn people, just to get yourself ready. Make your own decisions. This is not gloom and doom. This is reality, real life, real life. I’m telling you, I love, you know, I have a really good relationship with my kids. My daughter went to the baseball game over the weekend and came out and we spent a bunch of time. We’re working on all this stuff with her business. And I’ve had a lot of very, very wealthy people that don’t have good relationships.

And like, how do you do that? How do you sit there? It’s communication, guys. And the communication that the kids need to learn every now is this one word that I’m really good at saying and that’s no. No. No, I’m not going to co-sign for you. And if you do that, you’ll be much better off and they’ll be much more independent. And this woman wouldn’t, at 85, wouldn’t be at the risk of losing her own home for this. So please don’t forget to hit the like button, subscribe to the channel, check out our brand new sponsor.

They’re very important. It’s a whole 60 seconds out of your life when I talk about this stuff. But guys, we’re living through some very challenging times. You want to send me stories? Hello at iallegedly.com. I appreciate everything you guys send me. I mean, you guys have sent me gifts lately, cards. I appreciate absolutely everything. And, you know, I got an anonymous, somebody said, hey, buy yourself lunch this week. And it was just an anonymous little gift in the mail. That was very nice. I appreciate all this stuff, guys. Please understand that. So kids are jumping off the boats and having a good time.

Onward and upward, guys. Don’t give up. I’ll see you very soon. [tr:trw].

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