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Originally posted by DJDigitalGem
It's almost a right of passage to do dumb things with your first credit card when you are young LOL. The whole reason this mess started was because people received "credit" and then didn't pay back what they were loaned; I was never saying people shouldn't pay their debts.
There are LAWS in place which give a creditor up to ten years to collect on an outstanding debt (varies by state). If their efforts are unsuccessful then the debt is expunged. This is a legal issue and the banks have no right breaking the law yet again. The letters being sent out are going to people that couldn't pay their debt in the past so what makes them a good candidate today?
I'm all for second chances but they don't need to be deceptive. This is just another way for banks to put a faucet on your wallet! The interest rates on these cards is also very high so most likely the people that get them still won't be able to pay..... This is exactly what the banks did with home loans. They qualified people for loans they knew they would never be able to repay and that's what crashed the housing market.edit on 3-1-2012 by DJDigitalGem because: (no reason given)