27 Feb $1,000 A Day: Credit Card Solicitations in America
You Are Pre-Approved: 8 Billion Times–written by now U.S. Senator and former Harvard Law School Professor Elizabeth Warren–talks about the explosion of pre-approved credit card solicitations that are being sent out since the passage of BAPCPA, the sweeping changes to the Bankruptcy Code that took effect in 2005.
In 2006, credit card companies mailed out 8 Billion credit card solicitations, a thirty percent increase over 2005. That’s 73 for every household in the country. If the average card offers a $5,000 credit limit, that works out to about $1,000 a day in credit offers. I’m sure that this significant increase has everything to do with the passage of BAPCPA.
Today’s a great time to be a credit card company. Consumer protection laws are being gutted, interest rates and fees charged on cards are soaring, and their profits are at an all-time high. One might wonder exactly why they needed bankruptcy “reform”?
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