AMERICAblog: Bank of America CEO predicts worst ever credit card losses for industry
Kibitzer 2006
· 1 year ago
"So the industry that sent pre-approved cards to everyone every day or the week including a friend's 2 year old daughter is in trouble?"
While your general point is true, if you read the fine print on the "pre-approved" applications they do usually mention things like income verification. I doubt that the 2-year old would have gotten a credit card any more than Mickey Mouse would have voted based on an ACORN registration.
--Kibitzer
Older_Wiser
· 1 year ago
Don't kid yourself about those credit cards. My own granddaughter, before she even turned 18, signed a contract for a student loan at a for-profit school she went to for a Certified Medical Asst diploma. She wound up owing almost $8K on it, since the course was $12K and they made very little effort to get more grants and low interest state loans, preferring to hook students up to higher rate ones. I even called the school and raised hell. Makes you wonder how much of a kickback the school "financial assistance officer" was getting from those loan sharks. And she had no trouble getting a credit card, either, even though she was just a student and had no job.
And I've known kids who just turned 18 who were given credit cards even though they were working PT and weren't students. The cc industry has acted very irresponsibly, IMHO. Capitol One hounded my 17 yr old grandson through the mail for months before I finally sent the last 3 letters back to them advising them that I would contact our state atty general if they didn't stop.
SCLiberal
· 1 year ago
A two year old probably couldn't but many, many college kids did. We don't consider them old enough to handle alcohol but somehow they are old enough to take on the credit card industry? I think not. These people are predatory, pure and simple, and if this government can't step in to curb the abuses and protect vulnerable citizens–whether old or young—we have no reason at all to support it.
Kidira
· 1 year ago
Regardless of how you feel these card company's start those offers out low, and if you are one day late, or some other card is one day late (eve if your hit by a car and in the hospital) they jump the rate...we're talking to 29.9% and they will not under any circumstances (except a lawyer) lower the rate..they could care less, if you walk on it they write it off and the government pats them on the back, they give it to a collection agency that will hound you and anyone you know till the end of your day..they are predatory and disgusting and there is no reason to make light of any of their practices or have any sympathy for the devil.....
galore
· 1 year ago
Not really. This happened to me and BOA lowered the rate from the outrageous 29.9% to their standard 12.9% after a quick phone call. But then, I don't usually run a balance (I just forgot to pay it off by one day once, which triggered the interest hike). I called on principle alone because I don't really care about the interest rate but still, if you feel pinched with the rate, try a phone call.
The first paragraph: To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue.
anarchy
· 1 year ago
I used to sign up for various band's mailing lists using my old dog's name, just for a laugh - but when one of 'em sold their mailing list, my DOG got a credit card offer from BoA!!
I sent the card back saying "yes, send me a card but you do realize that I'm a DOG and as such I won't be able to pay you any money! I can pay you in treats or dead critters like rats or maybe a squirrel if I'm fast enough to catch one - but I AM a dog"
fucking Bank of America actually sent a pre-approved credit card offer to "Farley the dog"
no wonder they're in deep doo-doo.
ComradeRutherford
· 1 year ago
Huh, so charging people 24% interest when the Fed rate is 1.5% is causing them problems? Who knew?
I've been getting ready to call by Bank of America credit card and dictate to them that they either lower my rate, or I'll have to default. I can no longer afford $400 a month.
Is the CEO demanding welfare from the Fed, too?
God damned Conservatives. Trillions of dollars in welfare for billionaire CEOs, $10 Billion a month for Iraq war profiteers, but fixing our roads or helping state governments meet their shortfalls is communism?
How can people be so incredibly stupid?
Amicus
· 1 year ago
Well, what do you expect, when the U.S. Congress passed a beefed-up bankruptcy bill that made the risk in unsecured, idiotic lending that much less risky, as the GOP played to blue-dog Democrat's Christian sense of obligation or something.
That's something to unwind in the first 100 days?
Someone I know got her cat on a credit card mailing list. Her cat was "pre-approved" over the space of several years for several thousands in credit. (I see below someone's dog got an offer).
TomJoad
· 1 year ago
Just shows us...I remember seeing some big-time financier, that had been up millions (or billions...who counts?) and also had times when he was down by the same, and the guy said "I figured out one time, if you borrow thousands of dollars, the bank owns you...if you borrow millions, you own the bank" meaning, the big boys, the bank can't afford the loss, so he'd borrow millions, then turn around and say "you know what, I can't pay that rate we agreed upon. So I'll either have to default, or you guys will have to work with me" and they did, every time.
IdiotShrub
· 1 year ago
Welkom to Boosh's Amerika. Are we FUBAR yet?
BoulderBitch
· 1 year ago
Oh please. Stop already with the blind partisan loyalty. It's making me ill. Our democratic senators are no better when it comes to this economic crisis, and we should be critical of them and hold them just as accountable as the GOP. Remember, our very own VP-elect, Joe Biden, is from Delaware, home of credit card giant MBNA. MBNA is Joe's biggest contributor, and Biden graciously backed and promoted the passage of the bankruptcy bill for them a few years ago. Joe's nicknames over the years: Joe Biden (D-MBNA), and Joe Biden, Senator from MBNA. Oh yeah, and Biden's kid worked for MBNA as an attorney. They're all corrupt. So, please stop acting like the dem elites are so fucking great. http://www.democraticunderground.com/discuss/du...
Mike_G
· 1 year ago
Watch Flush Limbaugh and Shun Sannity dig up some 1977 law against discrimination in credit and blame the entire mess on that. Whoever voted for the Debt Slavery Act a few years back has their dirty paws on this.
Beth
· 10 months ago
Bank of America is going down.
You have an excellent website and you are providing a much needed outlet. I thought I should mention this site which I just discovered recently. Bank of America and all their pals are in really hot water now. Bank of America conduct highlighted and outlined a little more than halfway down the on the main page. Bank of America picked the wrong people to mess with. Check it out for yourself. http://www.justiceandlight.com/
All Comments
While your general point is true, if you read the fine print on the "pre-approved" applications they do usually mention things like income verification. I doubt that the 2-year old would have gotten a credit card any more than Mickey Mouse would have voted based on an ACORN registration.
--Kibitzer
And I've known kids who just turned 18 who were given credit cards even though they were working PT and weren't students. The cc industry has acted very irresponsibly, IMHO. Capitol One hounded my 17 yr old grandson through the mail for months before I finally sent the last 3 letters back to them advising them that I would contact our state atty general if they didn't stop.
http://www.portfolio.com/news-markets/national-...
The first paragraph:
To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue.
using my old dog's name, just for a laugh - but
when one of 'em sold their mailing list, my DOG
got a credit card offer from BoA!!
I sent the card back saying "yes, send me a
card but you do realize that I'm a DOG and
as such I won't be able to pay you any
money! I can pay you in treats or dead critters
like rats or maybe a squirrel if I'm fast enough
to catch one - but I AM a dog"
fucking Bank of America actually sent a
pre-approved credit card offer to "Farley
the dog"
no wonder they're in deep doo-doo.
I've been getting ready to call by Bank of America credit card and dictate to them that they either lower my rate, or I'll have to default. I can no longer afford $400 a month.
Is the CEO demanding welfare from the Fed, too?
God damned Conservatives. Trillions of dollars in welfare for billionaire CEOs, $10 Billion a month for Iraq war profiteers, but fixing our roads or helping state governments meet their shortfalls is communism?
How can people be so incredibly stupid?
That's something to unwind in the first 100 days?
Someone I know got her cat on a credit card mailing list. Her cat was "pre-approved" over the space of several years for several thousands in credit. (I see below someone's dog got an offer).
http://www.democraticunderground.com/discuss/du...
Whoever voted for the Debt Slavery Act a few years back has their dirty paws on this.
You have an excellent website and you are providing a much needed outlet. I thought I should mention this site which I just discovered recently. Bank of America and all their pals are in really hot water now. Bank of America conduct highlighted and outlined a little more than halfway down the on the main page. Bank of America picked the wrong people to mess with. Check it out for yourself. http://www.justiceandlight.com/