Sherry Chandler » 2007 » September » 10
While I’m cleaning out my quote box, here’s one dated September 4 from the Boston Globe via Political Animal:
As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
Direct mail credit card offers to subprime customers in the United States jumped 41 percent in the first half of this year, compared with the first half in 2006, according to Mintel International Group. Direct mail offers targeted at customers with the best credit fell more than 13 percent.
As Kevin Drum points out, it’s practically impossible to get out from under credit card debt now that the U.S. Congress passed the bankruptcy “reform” bill. This looks a lot like predatory lending to me.
This post was written by sherry
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