I am in the mortgage business. I see it all the time-what amazes me is that credit card companies will give unemployed high school and college students credit cards.
It used to be credit was too hard to get without a history-a vicious circle. This was bad in some ways and good in others. Now, even a corpse can get a credit card or a JD "Loan Shark" Byrider car loan.
No only will they give it to them, that's their number 1 target market right now! This bill is bad legislations! Responsibility works both ways! If banks are willing to give out money to anyone living or dead, they have to take the fallout of this, and that you are going to have a lot of folks default!
Instead they went to the Congress, paid them 25 Million (more in lobying than on any other bill in US history.. and everyone was jumping ugly over Soro's 25 Million) and bought themselves a law on the backs of americans.
Deadbeats aren't the issue, and neither are rich folks going chap 7 and driving off in their BMW... that's a lie, and the credit card companies know this... but they can sell that lie to the class envy american public... and the republicans are playing right along with the charade!
This is perverse and bad law, and shows the republicans in congress living up to every criticism of them putting busines above the national good and the people for a price.
When I was in college I was getting applications by the dozens. Never applied as I had no job or only worked during the summer. However, when I graduated and got a job with a very respectable salary, no one wanted to give me a credit card because I had no credit history.
I looked at my credit report and was stunned to see how high my credit numbers were.
So I grabbed a card recently. I'm really not going to change my mode of living -- I buy what I can AFFORD, not what I will eventually be able to pay back -- but I like building my credit up for a mortgage someday soon.
Of course the borrower only wants to be told yes and if a no is the answer, then it must be our fault, not theirs, that their credit sucks beyond repair or you can't buy a $300,000 house on a $30,000 income.
I remember back in 1985, as a recent graduate making $25K per year and no debt other than a $2500 loan on a used car, I applied for a Visa and was rejected. I doubt that this would happen today.
American Express did issue me a card, but being young and innocent, I didn't know that you had to pay it off each month - but I must admit that got me into the good habit of doing that, and I've never held any credit card debt.
Taking responsibility is a good idea for everyone, including -- arguably especially -- for the businesses that seek to profit from high risk loans. Let them take their share of responsibility for risk they sought.