Did anybody else see Frontline on PBS tonight "The secret history of credit cards",it was from 2004 and was about how the banks are misleading and targeting high risk people with low APR's and then raising intrest rates if they are late on another payment to a different creditor.Some experts on the program were warning that this could lead to problems down the road if the credit card companys are not more strictly regulated.They were right
nope. Didn't catch it. The truth is starting to sink into a lot of peoples heads about how we've been getting screwed, gladly, for some time.
A friend of mine has a brother who is mentally retarded. The brother has Downs Syndrome, and got a pre-approved Visa card with a 10K limit. The brother is 18, and has never had a job...... so, who's really to blame if he defaults on his credit card purchases? I'm sick and tired of lenders making piss poor decisions about debtors then expecting resposible debtors or the govt to bail them out.
The real problem is that 99% of those that bought into those cards are not retarded, stupid maybe, but not retarded.
