The subprime loans were mostly made to low-income people who perhaps weren’t the college-educated high achievers we rub shoulders with and who could spot a red flag when they saw one. The banks were greedy for easy profits, and so they abandoned standard lending practices, like income verification.

they made loans to people who had no business buying a house, but they didn’t care if the loan went into default because b that time, the loans would be bundled and securitized and sold to someone else who’d get caught holding the bag.

Just last night, I received a phone call from someone representing HSBC. She indicated that “stellar” credit history deserves recognition and she’d like to verify my address so they can send over a pre-approved Visa Platinum card. I politely declined and mentioned that I prefer not to carry any debt month-to-month.

Rather than give up, she replied “Great! I’ll just send you the check for the money – use it whenever you like!” I ended up declining and asking her to remove me from her list.

The point: banks are a business, plain and simple. Their job is to make money for their investors and shareholders. At the same time, borrowers should be aware of the risks and educate themselves on basic money management – interest rates, billing cycles, etc.

If you don’t understand something and you *still* sign the document, I don’t really have any pity for you.

Not for what the consumer has wrought upon themselves, but by becoming addicted to the credit card PROFITS. To add insult to injury, the CREDIT CARD PROFITS are used to ship jobs overseas via investment capital.

That makes a lot of sense, charge more in interest over a period of time than a consumer paid on the original, disposable item, then take the profits and suck the life out of the american economy.

Now I get to read how you defend this practice. Thanks pal.

http://www.Credit-Card-Cap.com
http://www.Credit-Protector.com